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Prepare the journal entry to record salaries and employee

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Reference no: EM132872369

Question - Hoey Co. employs a staff of 20 at a total monthly gross pay of $70,000. The company withholds federal income tax at 20% and state income tax at 3% for all employees. In addition, the following tax rates apply: FICA tax, 7.65%; federal unemployment tax, 0.5%; state unemployment tax, 4%.

Required -

a) Prepare the journal entry to record salaries and employee withholding items for the month of January.

b) Prepare the journal entry to record employer payroll taxes for the month of January.

Reference no: EM132872369

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