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For the most recent two-week pay period, Company Tachpans had a single employee: Mark. Mark's salary for the period was $4,600. Federal Income Tax withholding for the period is $1,080; state withholding is $252. Social Security and Medicare are withheld at 6.2% and 1.45% respectively. Mark's earnings for the year to date are $67,000. Mark has also authorized Tachpans to withhold a retirement contribution of $1,000 per pay period and a charitable contribution of $90.
Required:
Question 1: Prepare the journal entry to record the payroll expense for this period. This entry should include Mark's net pay.
Question 2: Prepare the journal entry to record the payroll taxes for this period. Company Tachpans has made all the unemployment tax payments it is required to make for this year.
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