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On February 14, Max Company calculates its biweekly payroll for the period, which indicates gross earnings for employee wages of $300,000 payroll deductions for income
On February 14, Max Company calculates its biweekly payroll for the period, which indicates gross earnings for employee wages of $300,000 payroll deductions for income taxes of $30,000, payroll deductions for FICA of $35,000, payroll deductions for charitable contributions of $7,000, employer contributions for FICA to matching employee contributions, and state and federal unemployment taxes of $4,000. Assuming employees are paid right away in Cash, what is the TOTAL amount of CURRENT LIABILITIES that wll be generated from the necessary payroll entries for employee wages and employer payroll taxes for this pay period? $339,000 $72,000 $69,000 $111,000
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