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Prepare journal entry to record salaries expense and employee taxes. Your company, Metro has five employees, each of whom earn $3,000 per month. Today January 31, 2011 is not a pay day. Each employee wages are subject to FICA social security of 6.5 % and FICA Medicare taxes of 1.45% on the first $70,000earned. Each employee has to contribute to his or her medical insurance coverage of $110 premium.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92640858

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