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Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense) Social Security and Medicare taxes Federal and state
Spirit Corporation reported the following payroll-related costs for the month of February. Gross pay (wages expense) Social Security and Medicare taxes Federal and state unemployment taxes Workers' compensation insurance Group health and life insurance benefits Employee pension plan benefits Total payroll costs for February $256,000 19,584 15,500 8,500 9,000 25,000 $333,584 Spirit's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period and recorded initially as prepaid insurance expense. Withholdings from employee wages in February were as follows. State income tax withholdings Federal income tax withholdings Social Security and Medicare tax withholdings $ 5,875 56,000 19,584 a-c. Record Spirit's payroll entries for the month of February. d. Do the amounts withheld from Spirit's employees represent taxes levied on Spirit Corporation? Complete this question by entering your answers in the tabs below. < Prev. 4 of 7 Next >
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