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Company paid $40,000 for salaries and wages for the month applicable federal income tax rate is 20% state income tax a 6% FICA tax rate
Company paid $40,000 for salaries and wages for the month applicable federal income tax rate is 20% state income tax a 6% FICA tax rate is 7.65% federal unemployment taxes .80% state unemployment taxes 5.4%
make a composite journal entry to record payroll
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Debit Salaries and Wages Expense 40000 Credit Cash 28958 40000 40000 20 federal income tax 40000 6 s...
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Intermediate Accounting Reporting and Analysis
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
3rd edition
9781337909402, 978-1337788281
