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Question
Perez Company has the following information for the pay period of January 15–31:
Gross payroll $20,000 Federal income tax withheld $2,500
Social security rate 6.0% Federal unemployment tax rate 0.8%
Medicare rate 1.5% State unemployment tax rate 5.4%
Assuming no employees have reached the maximum earnings for any taxes, compute salaries payable and the employer’s payroll tax expense.
Answer
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