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Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. FICA Social Security taxes are 6.2%
Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.)
Ch 11: Homework A Saved Help Save & Exit Submit Check my work 00 QS 11-6 Recording employer payroll taxes LO P3 8.33 points Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. (8 04:43:48 Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.) View transaction list eBook Journal entry worksheet Hint Print Record employer payroll taxes. References Note: Enter debits before credits. Date Debit Credit Mar 31 General Journal Payroll taxes expense FICAMedicare taxes payable FICASocial security taxes payable Federal unemployment taxes payable State unemployment taxes payable Record entry Clear entry View general journalStep by Step Solution
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