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Calculate the employer''s payroll taxes

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Reference no: EM131776699

Question - According to a summary of the payroll of Newman Publishing Co. $600,000 was subject to the 7.5% FICA Tax. Also $50,000 was subject to state and federal un-employee taxes.

a) Calculate the employer's payroll taxes, using the following rates state unemployment, 4.3%: federal unemployment, 0.8%.

b) Illustrate the effects on the accounts and financial statements of recording the accrual of payroll taxes.

Reference no: EM131776699

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