Essay
A company has 90 employees and a weekly payroll of $117,000. The FICA-social security tax rate is 6.2% and the FICA-Medicare tax rate is 1.45%. The total withholding for federal income tax is $16,500 for the current week. Calculate the amount of FICA taxes owed (assuming no employee's salary is over the FICA limit) and prepare the journal entry to accrue this week's salaries expense and withholdings.
Correct Answer:
Verified
Correct Answer:
Verified
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