At the end of November 202X, the total amount of Social Security, $490, and Medicare, $275, was
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At the end of November 202X, the total amount of Social Security, $490, and Medicare, $275, was withheld as tax deductions from the employees of Rapid Waters, Inc. Federal income tax of $2,980 was also deducted from their paychecks. Rapid Waters is classified as a monthly depositor of Form 941 taxes. Indicate when this payroll tax deposit is due and provide a general journal entry to record the payment.
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College Accounting A Practical Approach Chapters 1-25
ISBN: 9780137504282
15th Edition
Authors: Jeffrey Slater, Mike Deschamps
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