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Question
Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31 indicated the following:
Salaries expense $120,000
Federal income tax withheld 20,000
Assume all salary amounts are subject to social security tax of 6.0% and Medicare tax of 1.5%, and $10,000 is subject to state unemployment tax of 4.3% and federal unemployment tax of 0.8%.
Journalize the entry for the employer’s payroll tax expense
Answer
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