Question: need debit and credit found/with explanation pls!! QS 9-10 (Static) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom earns
QS 9-10 (Static) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom earns $2,000 per month and has been employed since January 1, FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. View transaction list No 1 Date March 31 View journal entry worksheet General Journal Payroll taxes expense FICA-Social security taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Debit Credit
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