'Total Employer Tax Owing to Third Parties' From Payroll <- When /How is this Getting Paid?

quickbikequickbike Member Posts: 4

Hello,

I have Wave doing my payroll. They are paying the US federal and state taxes from the gross payroll for the employee portion for me. But the 'Total Employer Tax Owing to Third Parties' (this is the portion the employee pays for taxes) is this not getting paid automatically by Wave? I assumed it was being taken care of?

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edited January 18, 2019 in Find a Wave Pro

Comments

  • NikBNikB Member Posts: 1

    Same question. When viewing "Payroll Employer Taxes" account, there are several transactions for"Total employer tax expense." These values correspond to the 'Total Employer Tax Owing to Third Parties' for the payroll journal entries, but I don't see actual corresponding payments?

  • magicwillmagicwill Member Posts: 33 ✭✭

    Hi,
    I'm an accountant of 30+ years experience, based in Chicago. I've also been a Wave Pro adviser since 2013 and have extensive experience with Wave's Payroll module. For reasons unclear, Wave's automatic JE function doesn't appear to create GAAP compliant postings. This has caused considerable confusion for all my clients who use Wave Payroll. I routinely have to either go into the created journal entries and adjust them so they're GAAP compliant or delete uploaded bank activity to prevent double recording of employee net payroll withdrawals.
    I'm happy to review your books and assist in cleaning up any Payroll related recording errors.

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