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JFO explains payroll-tax reconciliation step in year‑end close for new childcare payroll tax
Summary
JFO explained a technical bookkeeping approach for a new payroll tax: employers remit payroll withholding and the payroll tax together to the tax department, requiring JFO and tax staff to use an internal consensus to allocate amounts when closing the general fund prior to final reconciliation.
Emily Burns explained a technical timing issue introduced by a new payroll tax related to childcare premiums: employers remit income-tax withholding and the payroll tax together, and the tax department reconciles the split quarterly.
"This was the first year because the payroll tax was new...on June…
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