
Concept explainers
Tax:
It is a compulsory financial charge imposed by government on individuals and corporate, failure to pay which invites legal actions.
Social Security Tax:
Social security tax scheme is a tax scheme which is imposed both on employee and employer. Its rate keeps on changing.
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Journal is the book for recording financial transactions in chronological order. It is the first step of accounting. In this process each transaction has two sides- debit side and credit side. Total of debit side must be equal to total of credit side.
Accounting rules for journal entries:
To prepare: Journal entries in the books of employer for salary and payroll liabilities.

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Chapter 9 Solutions
GEN COMBO LOOSELEAF FINANCIAL AND MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
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