From the following information, prepare a general journal entry to record the payroll tax expense for Asty
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From the following information, prepare a general journal entry to record the payroll tax expense for Asty Company for the payroll of August 9:
The FICA tax rate for Social Security is 6.2 percent on $76,200, and Medicare is 1.45 percent on all earnings. Federal unemployment tax is .8 percent (.008 when expressed as a decimal) on the first $7,000 earned by each employee. The experience or merit rating for Asty is 5.6 percent on the first $7,000 of employee earnings for state unemployment purposes. LO.1
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College Accounting A Practical Approach Chapters 1-26
ISBN: 9780130911421
8th Edition
Authors: Jeffrey Slater
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