7) Large Co. pays its employees $20,000 gross salary each week. 30% of salary is withheld...

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7) Large Co. pays its employees $20,000 gross salary each week. 30% of salary is withheld for income taxes and 5% is withheld to pay Social Security/FICA. Large Co. must match the employees' FICA contributions. All payroll taxes for the pay period are remitted 2 days after payday. a) b) Give all of Large's journal entries relating to the salary for a normal week, including the remittance of the payroll taxes. Are payroll taxes an expense for Large? Are payroll taxes a contingent liability? 7) Large Co. pays its employees $20,000 gross salary each week. 30% of salary is withheld for income taxes and 5% is withheld to pay Social Security/FICA. Large Co. must match the employees' FICA contributions. All payroll taxes for the pay period are remitted 2 days after payday. a) b) Give all of Large's journal entries relating to the salary for a normal week, including the remittance of the payroll taxes. Are payroll taxes an expense for Large? Are payroll taxes a contingent liability?

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a Here are the journal entries for Large Co relating to the salary for a normal week 1 On payday Deb... View the full answer