Question
13. Vacation Destinations total payroll for the month of January was $350,000. The following withholdings and payroll taxes apply: Federal income taxes withheld $50,000 State
13. Vacation Destinations total payroll for the month of January was $350,000. The following withholdings and payroll taxes apply:
Federal income taxes withheld $50,000
State income taxes withheld $15,000
FICA tax rate (Social Security and Medicare) 7.65%
Combined Federal and State unemployment tax rate 6.20%
None of the withholdings or payroll taxes have been paid yet so they are payables. Prepare the journal entries in good form to record this payroll.
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Financial Accounting And Equity Markets
Authors: Philip Brown
1st Edition
1138617083, 978-1138617087
