Check stubs). 2. Using your Excel template, complete the payroll journal entries for each month. Also include the entries to record payment of taxes and other benefits to the respectable parties as outlined below in #3. Note: Do Not include the Employers portion of 401K and Medical Premiums in with the Payroll Tax Expense. These are not taxes, but separate expenses and must be journaled separately. 3. Payroll taxes and other payroll benefit expense payment schedule: a. F/W & FICA- every month (last paid Sept. 15th) next due Oct. 15th (Sept pay) i. Note: Refer to the open trial balance to determine the balance needed to be paid for each type of tax. Due to the prior accountant not paying the correct amount in Sept., the Sept balances due will be a little different than the Oct. balances calculated. b. The four following taxes are paid every 2 months (last paid Sept. 15th). Next due Nov. 15th i. State withholding ii. 401K iii. Medical Premium iv. FSA c. FUTA & SUTA - Not paid until Jan. next year. 4. Create a checkbook record of each check written (included in each months Excel tab) a. Start with check 500 for the Oct 15th payment and then continue with checks 501 - 504 for each employee's check. b. Combine F/W and FICA for one check to the "Department of Treasury". c. The following are the names of each department receiving checks i. St/W="Ind. Dept. of Treasury" ii. 401K TIAA Cref iii. Medical Ins. Prem. = "Anthem" iv. FSA="Star Bank" 5. Complete an updated trial balance for the end of each month (use separate Excel tabs for each month). a. Only update the balances for the entries you make. Thus leave all balances as is that are already filled in for each month (ie A/R and Capital). b. If needed, use a T-Acct sheet to help keep balances up-to-date. c. The Oct. trial balance should start with the balances from the "Opening Balances" tab