Payroll Taxes Payable - ENGAGE CPAs

We talked all about the big headings, assets, liabilities, equity, but let's break those down a little further. We're going to dive into some accounts, let's talk about the liability account PAYROLL TAXES PAYABLE.
Definition You Need to Know: Amounts withheld from employee's paychecks, that have not yet been paid to the government. These include employee and employer portions of the taxes, as often payroll taxes are not remitted on the same exact schedule as payroll is paid. Depending on the frequency of remittance sometimes payroll taxes will accumulate for months before needing to be paid to the various governments. This account allows you to better understand what payments are due soon so that you can ensure that you have the cash to cover them.
Where are they on my financials? Payroll Taxes Payable is a liability that shows up on the balance sheet.