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During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $272.80. FICA Medicare taxes of $63.80, FUTA taxes of $26.40, and SUTA taxes of $237.60. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list

During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $272.80. FICA Medicare taxes of $63.80, FUTA taxes of $26.40, and SUTA taxes of $237.60. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list

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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During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $272.80, FICA Medicare taxes of $63.80, FUTA taxes of $26.40, and SUTA taxes of $23760. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list 1:10:28 Journal entry worksheet Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit January 31
Transcribed Image Text:During the month of January, an employer incurred the following payroll taxes: FICA Social Security taxes of $272.80, FICA Medicare taxes of $63.80, FUTA taxes of $26.40, and SUTA taxes of $23760. Prepare the journal entry to record the employer's payroll tax expense assuming these wages will be paid in early February. (Round your answers to 2 decimal places.) View transaction list 1:10:28 Journal entry worksheet Record employer payroll tax expense. Note: Enter debits before credits. Date General Journal Debit Credit January 31
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