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Assuming a Medicare tax rate of 1.45% and monthly gross

Customer Question
wages of $2,500, the amount...
Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is
Submitted: 2 months ago.Category: Tax
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Answered in 8 minutes by:
12/5/2017
Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 2 months ago
taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 930
Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.
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Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

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Tax Professional: taxmanrog, Certified Public Accountant (CPA) replied 2 months ago

Your entry would be:

Debit Employer Medicare Expense (or similar expense account) $108.75

Credit Medicare Tax Payable $108.75

I hope this answers your questions. If you have any more, please feel free to ask and I will be happy to answer.

Thanks! Have a great week!

Roger

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Customer reply replied 2 months ago
Samantha Rodriguez had gross earnings for the pay period ending 10/15/19 of $5,785. Her total gross earnings as of 9/30/19 were $116,700. Social Security taxes are 6.2% on a maximum earnings of $122,700 per year. The Social Security tax due by her employer from her 10/15/19 paychecks is:
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taxmanrog
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Category: Tax
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Experience: Licensed CPA, MA, MST with 31 years' experience. Teach Accounting and Tax courses at Masters level.

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