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John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: Social Security $37.20? Medicare $8.70? Federal income tax $58?
John Smith works 40 hours for ABC Corp. for $15 per hour. Required payroll deductions are: Social Security $37.20? Medicare $8.70? Federal income tax $58? and State income tax $10. The entry to record his net pay would cause which of the following to change as described?
Salaries and Wages Expense decreases by $600.
Salaries and Wages Expense increases by $600.
Salaries and Wages Payable increases by $600.
Salaries and Wages Payable decreases by $600.
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