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Preparation of Journal entries for payroll accounting.
Gross pay for the employees of Mr. Scott Corporation for February 28, 2008 is as follows:
Sales Salaries
$338,000
Office Salaries
148,000
Maintenance Salaries
95,000
Total Salaries
$581,000
Information on withholding and payroll taxes are shown below:
1.
Federal Income tax withheld
$72,625
2.
Stale income tax withheld
17,100
3.
Health insurance withheld
8,200
4.
Pension contributions withheld
25,125
5.
FICA rate is 7.7%
6.
SUTA tax is $98,000 and FUTA taxes are $2,215
Required:
(A.) Make the journal entry to record the February payroll (B.) Record the journal entry for the employer's payroll taxes (C.) Make the journal entry to record the employer's monthly payment of payroll tax liabilities
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