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Question - Employee earnings records for Sheffield Company reveal the following gross earnings for four employees through the pay period of December 15.
J. Seligman $87,800 L. Marshall $108,100
R. Eby $106,400 T. Olson $132,500
For the pay period ending December 31, each employee's gross earnings is $5,100. The FICA tax rate is 7.65% on gross earnings of $127,200.
Compute the FICA withholdings that should be made for each employee for the December 31 pay period.
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The liabilities of Olga Company are $90,070. Common stock account, What is the amount of Olga Company's total assets
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