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Payroll Accounting and Journal Entries
Orange county bank has three employees, Albert Myers, Juan Moreno, and Michi Endo. During January 2012, these 3 employees earned $6,000, $4,200, $4,000, respectively. Each individual's income for the month of January:
Albert: 33% federal income tax withholdings (FITW); 3% state income tax withholdings (SITW); 7.65% FICA tax Juan: 28% FITW; 4% SITW; 7.65% FICA tax Michi: 28% FITW; 5% SITW; 7.65% FICA tax **How would I begin to prepare the journal entry to record salaries payable for the month of January? |
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