During February, Winter Company’s employees earned wages of $50,000. Social security (FICA) withheld was $2,500; federal income taxes withheld were $3,500; and employees’ contributions to United Way withheld totaled $500. Use the accounting equation to record wages expense and wages payable at the end of February. Winter Company will pay employees their February wages and pay the payroll taxes to the government during the first week in March.
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