Paul Company completed the salary and wage payroll for March 2014. The payroll provided the following details:

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Paul Company completed the salary and wage payroll for March 2014. The payroll provided the following details:
Salaries and wages earned ...... $200,000
Employee income taxes withheld ..... 40,000
Insurance premiums withheld ...... 1,000
FICA payroll taxes* .......... 15,000
*$15,000 each for employer and employees.

Required:
1. Give the journal entry to record the payroll for March, including employee deductions.
2. Give the journal entry to record the employer’s payroll taxes.
3. Give a combined journal entry to show the payment of amounts owed to governmental agencies.

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Related Book For  answer-question

Financial Accounting

ISBN: 978-0078025556

8th edition

Authors: Robert Libby, Patricia Libby, Daniel Short

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