Question
Hi. Please use the attached image and answer the question using that table. During the month of March, Cullumber Company's employees earned wages of $74,000.
Hi.
Please use the attached image and answer the question using that table.
During the month of March, Cullumber Company's employees earned wages of $74,000. Withholdings related to these wages were $5,661for Social Security (FICA), $8,672for federal income tax, $3,584for state income tax, and $463for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $809for state unemployment tax.
Make a tabular summary to record salaries and wages expense and salaries and wages payable on March 31. Assume that wages earned during March will be paid during April.(b) Make a tabular summary to record the company's payroll tax expense.
(If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
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