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majestico majestico
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7 years ago
Jefferson Tutoring had the following payroll information on February 28:

Employee   Gross Pay   Cumulative Earnings Prior to this Payroll
R Hitchcock   $4,000   $4,000

Assume:
FICA tax rates are: OASDI 6.2% on a limit of $117,000 and Medicare 1.45%.
State Unemployment tax rate is 2% on the first $7,000.
Federal Unemployment tax rate is 0.8% on the first $7,000.

Using the information above, the journal entry to record the payroll tax expense for Jefferson Tutoring would include:
A) a credit to SUTA Payable for $60.
B) a credit to FUTA Payable for $24.
C) a debit to Payroll Tax Expense in the amount of $390.
D) All of the above are correct.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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keytwokeytwo
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