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PAYROLL TAXES
Kinsella, Inc., has a gross payroll of $8,000 for the pay period. Social Security and Medicare for both the employees and Kinsella are 6.2% and 1.45%, respectively, of the entire payroll. Kinsella must also withhold $800 in federal income tax from the employees and pay state unemployment tax of $30.
Required:
Provide the necessary journal entries for Kinsella to record these payroll taxes.
Prepare the cash flows from operating activities using the indirect method-Cash Flow from operating activities
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