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According to a summary of the payroll of Scotland Company, $450,000 was subject to the 7.0% social security tax and $500,000 was subject to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. prepare the journal entry to record accrued payroll taxes ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942811

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