PAYE
Pay As You Earn: tax deducted from wages by employers.
The system under which employers deduct income tax and NIC from pay and pay it to HMRC.
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An employee earns gross wages of £2,000 for the month. Income tax (PAYE) of £300 and employee national insurance of £150 are deducted, and the net pay is paid by bank transfer. What is the correct entry for the wages?
Debit wages expense £2,000; credit bank £2,000
Debit wages expense £2,000; credit bank £1,550; credit tax and NI liability £450
Debit wages expense £1,550; credit bank £1,550
Debit wages expense £1,550; debit tax and NI £450; credit bank £2,000
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