Essay
A company has 90 employees and a weekly payroll of $117,000. The FICA-social security tax withheld totals $7,254 and the FICA-Medicare tax withheld totals $1,696.50. The total withholding for federal income tax is $16,500. Prepare the journal entry to accrue this week's salaries expense and withholdings, assuming no employees have exceeded the maximum taxable earnings for FICA-Social Security.
Correct Answer:
Verified
Correct Answer:
Verified
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