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According to a summary of the payroll of Scotland Company, $500,000 was subject to the 6.0% social security tax and to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry for the accrued payroll taxes would include a O credit to SUTA Payable for $630 O debit to SUTA Payable for $18,900 credit to SUTA Payable for $18,900 O debit to SUTA Payable for $630

According to a summary of the payroll of Scotland Company, $500,000 was subject to the 6.0% social security tax and to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry for the accrued payroll taxes would include a O credit to SUTA Payable for $630 O debit to SUTA Payable for $18,900 credit to SUTA Payable for $18,900 O debit to SUTA Payable for $630

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 192.

According to a summary of the payroll of Scotland Company, $500,000 was subject to the 6.0% social security tax and to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry for the accrued payroll taxes would include a O credit to SUTA Payable for $630 O debit to SUTA Payable for $18,900 credit to SUTA Payable for $18,900 O debit to SUTA Payable for $630
Transcribed Image Text:According to a summary of the payroll of Scotland Company, $500,000 was subject to the 6.0% social security tax and to the 1.5% Medicare tax. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes. The journal entry for the accrued payroll taxes would include a O credit to SUTA Payable for $630 O debit to SUTA Payable for $18,900 credit to SUTA Payable for $18,900 O debit to SUTA Payable for $630
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