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Accurate Reports has 60 employees each working 37 hours per week and earning $28 an hour. Federal income taxes are withheld at 15% and state
Accurate Reports has 60 employees each working 37 hours per week and earning $28 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% of the first $118,500 earned per employee and 1.45% thereafter. Unemployment taxes are 6.20% of the first $7,000 earned per employee. 1. Compute the total salaries expense, the total withholdings from employee salaries, and the actual payroll payment (salaries payable) for
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