Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month
Question:
Salaries expense ......................................................... $500,000
Federal and state income tax withheld ................................ 100,000
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: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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