Detailed Listing/Reporting of FICA & Medicare

rookie · Post by **rookie** » Fri Jan 11, 2008 1:37 am

I am upgrading from V8 to V9 and have started completely over. The new Fund 01 is completed with the exception of connecting the Payroll Item accounts with the COA accounts for FICA and Medicare.

The previous bookkeeper had listed by separate account number each of the 24 employee names for the employers' portion of FICA and 24 names for the employers' portion of the Medicare taxes. This is 48 separate accounts in the chart of accounts. I would have used one for FICA and one for Medicare (of course in addition to the 2 liability accounts).

I haven't set up a payroll system in several years. Has something changed that requires individual accounting/reporting of the employers' portion of the FICA and Medicare taxes to be contributed?

Thanks for your assistance in this matter.

Matt · Post by **Matt** » Sat Jan 19, 2008 10:26 pm

There is no requirement to do this that I know of. I would recommend just using the two accounts.

rookie · Post by **rookie** » Mon Jan 21, 2008 1:14 am

Thanks for the information. I figured it out last week. I should have remembered. Thanks anyway.