Question

Wallace Corporation summarizes the following information from its weekly payroll records during April.


Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% F.I.C.A. rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate and a 0.8% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearestdollar.


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  • CreatedDecember 09, 2013
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