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Problem #3 - General Liabilities M. Tomlin, Inc. pays employees at the end of each month. Payroll information is listed below for January, the first
Problem #3 - General Liabilities M. Tomlin, Inc. pays employees at the end of each month. Payroll information is listed below for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $7.000 in January Salaries $800,000 Federal and state income taxes withheld $160,000 Federal and state unemployment tax rate 3.80% FICA tax rate 7.65% Q1: Provide the properly formatted journal entry M. Tomlin, Inc. would use to record employee withholdings and salary expense
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