Record the accrual of payroll taxes

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Reference no: EM13922921

According to a summary of the payroll of Balik Company 880000 was subject to the 6.0% social security tax and the 1.5% medicare tax. Also 40000 was subject to state and federal unemployment taxes.

calculate the employer payroll taxes using the following rates: state unemployment, 5.4%, federal unemployment 0.8%.

Journalize the entry to record the accrual of payroll taxes.

Reference no: EM13922921

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