Question

The following information about the payroll for the week ended July 17 was obtained from the records of Anaconda Mining Co.:


Instruction
1. For the July 17 payroll, determine the employee FICA tax payable.
2. Illustrate the effect on the accounts and financial statements of paying and recording the July 17 payroll.
3. Determine the following amounts for the employer payroll taxes related to the July 17 payroll:
(a) FICA tax payable,
(b) State unemployment tax payable, and
(c) Federal unemployment tax payable.
4. Illustrate the effect on the accounts and financial statements of recording the liability for the July 17 payrolltaxes.


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  • CreatedFebruary 04, 2014
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