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Show how to get answers Below is a payroll sheet for Otis Import plc for the month of September 2020. Assume a 10% income tax
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Below is a payroll sheet for Otis Import plc for the month of September 2020. Assume a 10% income tax rate for all employees and an 8% Social Security tax on employee and employer. Income Tax Social Withholding Security Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Earnings to Aug 31 6,800 6,500 6,500 13,600 105,000 112,000 September Earnings 800 700 1,100 1,900 13,000 16,000 - Your answer is partially correct. Make the necessary entries to record (1) salarles and wages expense and (2) the payment of the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account amounts.) Debit Credit No. Account Titles and Explanation 1. Salaries and Wages Expens Income Taxes Payable 33500 3350 (To record salaries and wages expense) Cash (To record payment of payroll) Your answer is partially correct. Make the entry to record the payroll tax expenses of Otis Import. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit CreditStep by Step Solution
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