According to a Scotland Company payroll summary, wages for the period were $500,000. Federal income tax withheld
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Question:
According to a Scotland Company payroll summary, wages for the period were $500,000. Federal income tax withheld was $98,000. In addition, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. All earnings are subject to 6.0% Social Security tax and 1.5% Medicare tax.
Required:
Post the entry to record the payroll accrual. All employee earnings are subject to Medicare tax.
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