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Calculate the amount of employee taxes

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Reference no: EM131871938

Question - A company has four employees. Total salaries for the month of April were $16,000. The federal income tax rate for all employees is 15%. The FICA-social security tax rate is 6.2% and the FICA-Medicare tax rate is 1.45%. Calculate the amount of employee taxes withheld and prepare the company's journal entry to record the April payroll assuming these were the only deductions.

Reference no: EM131871938

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