Business
Business, 13.04.2021 02:40, brooke012002

Terps Company pays its employees monthly. The payroll information listed below is for January 2021, the first month of the fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries $ 80,000 Federal income taxes to be withheld 16,000 Federal unemployment tax rate (FUTA) 0.80 % State unemployment tax rate (after FUTA deduction) 5.40 % Social security tax rate 6.2 % Medicare tax rate 1.45 % The journal entry to record payroll for the January 2021 pay period will include a debit to payroll tax expense of:

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Terps Company pays its employees monthly. The payroll information listed below is for January 2021,...

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