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Prepare the general journal entry to record the employer's payroll taxes, assuming that the federal unemployment tax is 0.6 percent of the first $7,000, that
Prepare the general journal entry to record the employer's payroll taxes, assuming that the federal unemployment tax is 0.6 percent of the first $7,000, that the state unemployment tax is 5.4 percent of the same base, and that no employee has surpassed the $7,000 limit. round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations.
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