Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15. The total payroll is taxable under
Question:
a. Journalize the payment of the wages, and record the payroll taxes on September 15.
b. Assume that the employees of Vulcra, Inc., must also pay state contributions (disability insurance) of 1% on the taxable payroll of $62,100 and that the employees' contributions are to be deducted by the employer. Journalize the September 15 payment of wages, assuming that the state contributions of the employees are kept in a separate account.
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a Wages 6700000 FICA Taxes PayableOASDI 395870 FICA ...View the full answer
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