In January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA taxes.

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In January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600.
(a) Calculate net pay for January,
(b) Record the payroll.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Jan 30, 2014 02:01 AM

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In January, gross earnings in Burrell Company were $80,000. All earnings are subject to 7.65% FICA taxes.

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a Net pay 80000 765 X 80000 14000 1600 58280 ...View the full answer

Accounting Principles

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