Problemmarshall co employs a staff of at total monthly, Ask an Expert

Accounting

Problem

Marshall Co. employs a staff of at total monthly $60.000. The company withholds federal income tax at 20% and state income tax employees. FICA tax, 7.65%; at 3% for all In addition, the following tax rates apply: tax, 0.8%; state unemployment tax, 2.7%.

Required:

Prepare the journal entry to record salaries and employee withholding items for the month of January.

Prepare the journal entry to record employer payroll taxes for the month of January.

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Taxation, Accounting

Category:- Taxation
Reference No.:- M92751438

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