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Business, 22.04.2020 03:21 winterrs12

Lopez Company has a single employee, who earns a salary of $192,000 per year. That employee is paid on the 15th and last day of each month. On January 15, Lopez is subject to the following payroll taxes: FICA–Social Security Taxes (at 6.2% of the first $118,500 each employee earns in the calendar year), FICA–Medicare Taxes (at 1.45%), FUTA (at 0.6% of the first $7,000 each employee earns in the calendar year), and SUTA (at 5.4% of the first $7,000 each employee earns in the calendar year). The journal entry to record the employer's payroll tax expense and related liabilities would include a debit to:

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Lopez Company has a single employee, who earns a salary of $192,000 per year. That employee is paid...
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