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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Payroll Taxes

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 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.

To determine

Concept introduction:

Liabilities:

Liabilities are the obligation of the business or amount payable by the business. Liabilities can current or long term. Current liabilities are liabilities payable within the short term or business cycle of the company, for example Accounts payable for purchases and utilities payable. Long term liabilities are liabilities payable in a long period/ years, for example long term loan.

To prepare:

The Journal entry to record the payroll.

Explanation

The Journal entry to record the payroll is explained as follows;

Tooth Dental
Journal Entries
Account Titles Debit Credit
Salaries Expense $ 90,000

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