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Federal unemployment tax rate

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Reference no: EM13871995

Wallace Corporation summarizes the following information from its weekly payroll records during April 

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Prepare the two journal entries to record the payment of the payroll and the accrual of its payroll taxes for April. Assume an 8% F.I.C.A. rate for both employees and the employer. Also assume a 5.4% state unemployment tax rate and a 0.8% federal unemployment tax rate, and that all wages are subject to all payroll taxes. Round to the nearestdollar. 

Reference no: EM13871995

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