Wallace Corporation summarizes the following information from its weekly payroll records during April. Prepare the two journal
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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.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Intermediate Accounting
ISBN: 978-0324659139
11th edition
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
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