Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indicated...
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Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indicated the following: Salary expense $120,000 20,000 Federal income tax withheld Payroll is subject to social security tax of 6% and Medicare tax of 1.5%, with no maximum earnings: $10,000 is subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. Prepare the journal entries for payroll tax expense if the employees are paid on December 31 of the current year. If an amount box does not require an entry, leave it blank. Dec. 31 Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indicated the following: Salary expense $120,000 20,000 Federal income tax withheld Payroll is subject to social security tax of 6% and Medicare tax of 1.5%, with no maximum earnings: $10,000 is subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. Prepare the journal entries for payroll tax expense if the employees are paid on December 31 of the current year. If an amount box does not require an entry, leave it blank. Dec. 31
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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