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AccountingCornerstones of Financial AccountingPayroll Taxes Kinsella Inc. has a gross payroll of $13,500 for the pay period. Kinsella must also withhold $1,750 in federal income taxes from the employees and pay state unemployment taxes of $60. Assume the entire payroll is eligible for Social Security and Medicare at standard rates. Required: Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes (round to nearest dollar).
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Payroll Taxes Kinsella Inc. has a gross payroll of $13,500 for the pay period. Kinsella must also withhold $1,750 in federal income taxes from the employees and pay state unemployment taxes of $60. Assume the entire payroll is eligible for Social Security and Medicare at standard rates. Required: Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes (round to nearest dollar).

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

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Chapter 8, Problem 27CE
Textbook Problem

Payroll Taxes

Kinsella Inc. has a gross payroll of $13,500 for the pay period. Kinsella must also withhold $1,750 in federal income taxes from the employees and pay state unemployment taxes of $60. Assume the entire payroll is eligible for Social Security and Medicare at standard rates.

Required:

Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes (round to nearest dollar).

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Chapter 8,
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Chapter 8 Solutions

Cornerstones of Financial Accounting
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