Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month
Question:
Salaries expense .................... $600,000
Federal and state income tax withheld ............ 120,000
Federal unemployment tax rate .............. 0.80%
State unemployment tax rate (after FUTA deduction) ..... 5.40%
Social Security (FICA) tax rate .............. 7.65%
Required:
Record salaries expense and payroll tax expense for the January pay period.
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Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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