To journalize the payment of Medicare taxes to the IRS, the correct entry would be a. debit Medicare Tax Payable and credit IRS. b. debit Medicare Tax Payable and credit Payroll Taxes Expense. O c. debit Medicare Tax Payable and credit Cash. O d. debit Medicare Tax Payable and credit Social Security Payable.

To journalize the payment of Medicare taxes to the IRS, the correct entry would be a. debit Medicare Tax Payable and credit IRS. b. debit Medicare Tax Payable and credit Payroll Taxes Expense. O c. debit Medicare Tax Payable and credit Cash. O d. debit Medicare Tax Payable and credit Social Security Payable.

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 10MCQ: When a credit is made to federal income taxes withholding payable account related to taxes withheld...

See similar textbooks

Similar questions

Explain and what is the calculation of the following. Tax rates (formula) HELP repayment amount Medicare Levy
Concerning, payroll accounting: Are Social Security & Medicare taxes factored on Medical Insurance, a pre-tax deduction? Thank you, Jewelee
For each of the following items indicate if the expense is: A. An adjustment for AGI (above the line) B. Deduction from AGI(below the line/itemized deduction) C. Neither 1. Premiums paid on personal life insurance 2. State income taxes paid 3. Loss on sale of personal auto 4. Fees paid for tax return preparation 5. Federal income taxes paid 6. Contributions to Health Savings Account 7. Donations to Charity 8. Health insurance premiums paid by a self-employed individual 9. Interest paid on home mortgage indebtedness of $250,000 10. Union dues not reimbursed by an employer
When an organization makes payment to the government for payroll taxes, the payment is journalized as O A. Accounts Payable O B. Accounts Receivable C. Cash O D. Expenses
Identify the list of accounts below that would normally all have a debit balance. Multiple Choice Payroll Taxes Expense, Salaries Expense, Workers' Compensation Insurance Expense Worker's Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable Worker's Compensation Insurance Payable, Salaries Payable, Salaries Expense Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable
what are the legal provisions related to Taxable Income, Medicare Levy, and Medicare Levy surcharge?
When a credit is made to federal income taxes withholding payable account related to taxes withheld from an employee, the corresponding debit is made to a. Wages Expense b. Taxes Expense c. Taxes Payable d. Cash
Pronghorn Enterprises Ltd., a private company following ASPE earned accounting income before taxes of $1,730,000 for the year ended December 31, 2020. During 2020, Pronghorn paid $220,000 for meals and entertainment expenses. In 2017, Pronghorn's tax accountant made a mistake when preparing the company's income tax return. In 2020, Pronghorn paid $19,000 in penalties related to this error. These penalties were not deductible for tax purposes. Pronghorn owned a warehouse building for which it had no current use, so the company chose to use the building as a rental property. At the beginning of 2020, Pronghorn rented the building to SPK Inc. for two years at $251,000 per year. SPK paid the entire two years' rent in advance. Pronghorn used the straight-line depreciation method for accounting purposes and recorded depreciation expense of $396,000. For tax purposes, Pronghorn claimed the maximum capital cost allowance of $621,000. Pronghorn began to sell its products with a two-year…
When recording payroll tax expense, employers will generally include which of the following liabilities in that journal entry? I. Medicare tax II. Social security tax II. Federal unemployment tax IV. State Unemployment tax V. Health Insurance O I and II O , I, II, IV, V O , I, I, IV O , I, II, V
Which of the following does NOT apply to both a W−2 and a W−3? A. Reports the total amount of wages, tips and compensation paid to the employee B. Employees use both forms to prepare their personal tax returns. C. Sent to the Social Security Administration D. Reports the total OASDI and Medicare taxes withheld
To calculate the debit to payroll tax expense in recording the employer's payroll taxes the following would be included: Group of answer choices Social Security Tax, Medicare Tax, State and Federal Unemployment Tax State and Federal Unemployment Taxes Social Security Tax and Medicare Tax