Payroll expenses are the expenses that include employee’s salary and wages and other benefits that are received by the employee. It includes social security taxes which are used to cover retirement and survivorship and also include Medicare taxes which cover medical emergencies. To compute and prepare: FICA social security taxes payable and FICA Medicare taxes payable and journal entry to record payroll expenses and liabilities.

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Chapter 9, Problem 2PSB

1.

Summary Introduction

Introduction: Payroll expenses are the expenses that include employee’s salary and wages and other benefits that are received by the employee. It includes social security taxes which are used to cover retirement and survivorship and also include Medicare taxes which cover medical emergencies.

To compute and prepare: FICA social security taxes payable and FICA Medicare taxes payable and journal entry to record payroll expenses and liabilities.

2.

Summary Introduction

Introduction: Payroll expenses are the expenses that include employee’s salary and wages and other benefits that are received by the employee. It includes social security taxes which are used to cover retirement and survivorship and also include Medicare taxes which cover medical emergencies.

To prepare: Journal entry to record payroll taxes.

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