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Accounting

Problem:

ABC Inc. pays its employees monthly. The payroll information is listed below this is for January 2013, the first moth of ABC's fiscal year.

Salaries	$80,000
Federal income taxes to be withheld	16,000
Federal unemployment tax rate	0.80%
State umemployment tax rate (after FUTA deduction)	5.40%
Social security tax rate	6.2%
Medical Tax Rate	1.45%

Required: Prepare the journal entry to record payroll for the January 2013 pay period

Note: Please provide equation and explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164164

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