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Perez Company has the following information for the pay period of January 15–31. Gross payroll $20,000...

Perez Company has the following information for the pay period of January 15–31.

Gross payroll $20,000     Federal income tax withheld $2,500
Social security rate 6%     Federal unemployment tax rate 0.8%
Medicare rate 1.5%     State unemployment tax rate 5.4%

Assuming no employees are subject to ceilings for their earnings, calculate Salaries Payable and Payroll Tax Expense.

Salaries Payable $
Payroll Tax Expense

$

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Expert Solution

ekkarill92 answered 3 years ago
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