Accounting: What Is Payroll Accounting? | Worldwide Theory

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00:00 What is payroll accounting?
00:30 Introduction to payroll accounting
00:58 Key components of payroll
01:24 How to record payroll in accounting
01:46 Salary-related liabilities
02:11 Why payroll accounting matters

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Key Terms & Definitions:
• Payroll Accounting — The systematic process of calculating, recording, and managing employee compensation and related obligations.
• Gross Pay (Gross Salary) — Total earnings before any deductions, including base salary, bonuses, and allowances.
• Deductions — Amounts subtracted from gross pay, including taxes, social security, pension, and voluntary contributions.
• Net Pay (Net Salary) — The final amount paid to the employee after all deductions.
• Salary Expense — The total cost of employee compensation recorded as an expense in accounting.
• Payroll Liabilities — All amounts the company owes but has not yet paid, including taxes, net salaries, and benefits.

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