Question: 5 . 4 % state and 0 . 6 % federal ) . Withholding taxes amounted to $ 7 2 , 0 0 0 ,

5.4% state and 0.6% federal). Withholding taxes amounted to $72,000, and $2,900 was withheld for investment in company stock per an agreement with employes.
Required
a. Prepare the journal entry to record the salary payment and the liabilities for the payroll deductions.
b. Prepare the journal entry to record the employer payroll expenses.
c. Prepare the journal entry to record the remittance of the taxes.
Note: Round answers to the nearest whole dollar.
5.4% state and 0.6% federal). Withholding taxes amounted to $72,000, and

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