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1.On February 13, ABC Corporation pays 20 employees total wages of $50,000, withholding $12,300 FIT, $3,825 FICA and $200 union dues. FUTA is $370. Prepare
1.On February 13, ABC Corporation pays 20 employees total wages of $50,000, withholding $12,300 FIT, $3,825 FICA and $200 union dues. FUTA is $370. Prepare the following journal entries:
- Payment of employee salaries, including deductions.
- ABC Corporation remits its payroll taxes
- ABC Corporation remits employee union dues
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Managerial Accounting
Authors: Ray Garrison, Theresa Libby, Alan Webb
10th Canadian edition
978-1259024900
