Payroll Taxestt's the Tooth Dental works to provide high quality pediatric dental services in a fun-loving environment for children. During December, It's the Tooth Dental employeesearned $90,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $90,000 at standard rates. Federal and state income taxeswithheld were $1,100 and $500, respectively.Required:Provide the necessary journal entries for It's the Tooth Dental to record this activity. If an amount box does not require an entry, ieave it blank.dropdown(Record wages and liabilities)00000

Date Particulars Debit Credit Dec-31 Salaries & Wages Expanses $90,000 To State…

Answered: Provide the necessary journal entries…

Provide the necessary journal entries for It's the Tooth Dental to record this activity. If an amount box does not require an entry, leave it blank. drdown (Record wages and labities) 000000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 51BE: Payroll Taxes Its the Tooth Dental works to provide high quality pediatric dental services in a...

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Payroll Taxes Its the Tooth Dental works to provide high quality pediatric dental services in a fun-loving environment for children. During December, Its the Tooth Dental employees earned $90,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all at standard rates. Federal and state income taxes withheld were $1,100 and $500, respectively. Required: Provide the necessary journal entries for Its the Tooth Dental to record this activity.
Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. PayBefore CurrentWeekly Payroll CurrentGross Pay Year-to-DateEarnings Soc. Sec.Maximum AmountOver Max.Soc. Sec. AmountSubject toSoc. Sec. Soc. Sec. TaxWithheld MedicareTaxWithheld $22,700 $1,340 $fill in the blank 1 $118,500 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 $fill in the blank 5 54,300 4,080 fill in the blank 6 118,500 fill in the blank 7 fill in the blank 8 fill in the blank 9 fill in the blank 10 116,700 3,890 fill in the blank 11 118,500 fill in the blank 12 fill in the blank 13 fill in the blank 14 fill in the blank 15 117,300 4,540 fill…
CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected information from the payroll register of Wrays Drug Store for the week ended July 14,20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first 7,000 of earnings. Social Security tax on the employer is 6.2% on the first 118,500 of earnings, and Medicare tax is 1.45% on gross earnings. REQUIRED 1. Calculate the total employer payroll taxes for these employees. 2. Prepare the journal entry to record the employer payroll taxes as of July 14,20--.
Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Employee Year-to-Date Earnings Current Month Social Security Medicare Graham, C. $14,700 $1,720 $ $
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. (Round your answers to the nearest cent.) Employee Year-to-DateEarnings Current Month Social Security Medicare Andretti, K. $141,000 $12,850
1 In addition to federal income tax, social security, and Medicare, Ellen pays 2.4% state income tax, insurance, $135.31 to the credit union, and $20 to the United Way. % for state disability insurance (both based on gross earnings), $35.18 for term life 2 Fill out the following payroll voucher for Ellen for the month of September. (Use Exhibit 9-1 and Exhibit 9-2 from your text. Social Security Tax is 6.2% of gross wages up to $128,400. Medicare Tax is 1.45% of all gross wages.) Payroll Voucher Employee: Ellen Boxwood Tax Filing Status: Married く SSN: 999-99-9999 Withholding Allowances: 3 Full-time Pay Period From September to -Select-- ✓ Primary Withholdings: Additional Withholdings: Federal income tax $ Term life $ Social Security $ Credit union $ Medicare $ United Way $ State income tax $ State disability $ Gross earnings: $ Total withholdings: $
It's the Tooth Dental works to provide high quality pediatric dental services in a fun-loving environment for children. During December, It's the Tooth Dental employees earned $90,000 in wages. Social Security applied to $86,000 of these wages, while Medicare applies to all $90,000 at standard rates. Federal and state income taxes withheld were $1,100 and $500, respectively. Required: Provide the necessary journal entries for It's the Tooth Dental to record this activity. If an amount box does not require an entry, leave it blank. (Record wages and liabilities)
PLEASE SHOW ALL WORK Matty Kim, an accountant for Vernitron, earned $102,600 from January to June. In July, Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $110,100 and 1.45% on Medicare. How much are the July taxes for Social Security and Medicare?
Solve the following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax. As payroll manager for Freeport Enterprises, it is your task to calculate the monthly social security and Medicare withholdings for the following employee. If necessary, round your answer to the nearest cent. If an amount is zero, enter "0". Year-to-Date Employee Earnings Current Month Social Security Medicare Andretti, K. $137,000 $16,350 $ $
Assume the following data for Nest Home Appliance Repair for the payroll quarter ended March 31. Gross earnings Employee FICA taxes Federal income tax State income tax Number of employees this quarter: $300,500.00 22,988.25 60,100.00 6,009.00 Date Account Titles and Explanation Apr. 15 30 Nest is subject to the following rates: FICA 7.65% (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4% up to $7,000, and federal unemployment 0.6% up to $7,000. No employee reached the limit for FICA taxes, and all employees reached the limit for unemployment taxes in the first quarter. Prepare the journal entry to record payment of employer taxes, assuming all taxes were paid on April 15. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit
Calculating Payroll Taxes Expense and Preparing Journal Entry Selected information from the payroll register of Ebeling's Dairy for the week ended July 7, 20--, is shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both on the first $7,000 of earnings. Social Security tax on the employer is 6.2% on the first $128,400 of earnings, and Medicare tax is 1.45% on gross earnings. Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentWeekly Earnings UnemploymentCompensation SocialSecurity Click, Katelyn $6,660 $850 Coombs, Michelle 6,380 750 Fauss, Erin 23,010 1,220 Lenihan, Marcus 6,900 980 McMahon, Drew 125,200 5,260 Newell, Marg 25,150 1,110 Stevens, Matt 28,970 1,240