Adjusting incorrect liabilities
Posted: Fri Apr 24, 2020 2:48 pm
The payroll liabilities on the balance sheet are off (and have been for a while) I wasn't sure how to fix them, but figured now is the time to sort it out.
Federal withholding is showing an extra $ 0.30 2215-000
Social Security is showing an extra $11.50 2217-000
Medicare is showing an extra $ 0.24 2219-000
State tax is "short" money 2220-000
The pastor has been the only employee for years so I'm not sure what the extra social security is from.
As I have been looking more, it looks like there were some penalties for late payment that came out of the federal withholding and state withholding back in 2015.
Our current checkbook balance matches the bank statement.
How do I correct this? I would like this to be accurate going forward!
Thanks in advance for the help!
Federal withholding is showing an extra $ 0.30 2215-000
Social Security is showing an extra $11.50 2217-000
Medicare is showing an extra $ 0.24 2219-000
State tax is "short" money 2220-000
The pastor has been the only employee for years so I'm not sure what the extra social security is from.
As I have been looking more, it looks like there were some penalties for late payment that came out of the federal withholding and state withholding back in 2015.
Our current checkbook balance matches the bank statement.
How do I correct this? I would like this to be accurate going forward!
Thanks in advance for the help!