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Airline Temporary Services (AIS) pays employees monthly. Payroll information is listed below for January, the first month of AIS's fiscal ear. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) $490,000 98,000 0.80% 5.40%

Airline Temporary Services (AIS) pays employees monthly. Payroll information is listed below for January, the first month of AIS's fiscal ear. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) $490,000 98,000 0.80% 5.40%

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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Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS's fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld State unemployment tax rate (after FUTA deduction) Federal unemployment tax rate Social Security (FICA) tax rate Required: $490,000 98,000 0.80% 5.40% 7.65% Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the employer payroll tax expense. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal >
Transcribed Image Text:Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS's fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January. Salaries expense Federal and state income tax withheld State unemployment tax rate (after FUTA deduction) Federal unemployment tax rate Social Security (FICA) tax rate Required: $490,000 98,000 0.80% 5.40% 7.65% Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the employer payroll tax expense. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal >
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