Thank you, you are the best! ❤

this helps a lot thanks

Thank you.

If the employer is paying Social security and Medicare tax and the employee is paying the same thing then is the government getting the same amount twice? I didn't get that part. Will the government be getting 99x2 and 24.75x2 i.e. twice? I'm referring to 99 and 24.75 in both parts on the credit side.

@accountinghelp

6 жыл бұрын

Yes, the government is getting those amounts twice! :) That means that if you look at your US paystub, the amount that you are paying in social security and medicare is also being matched by the employer (assuming that taxable ceilings have not already been reached).

@86ifyfarooq

6 жыл бұрын

Ah okay, thank you.

Awesome! Just one question: when the payment is finally made to the government for the taxes owed, do we debit the “payable” accounts and credit cash?

@accountinghelp

Жыл бұрын

Correct!

❤️❤️❤️❤️❤️

Ah this is for only one employee but for More than 5 employees are we going to keep individuals journal record or what .....?