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Total payroll of Walnut Co. was $1840,00 of which $320,000 represented amounts paid in excess of $106,800 to certain employees. The amount paid to employees in excess of $7000 was $1,440,00. Income taxes withheld were $450,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A tax is 7.65% on an employee's salaries and wages to $106,800 and 1.45% in excess of $106,800.
a) Prepare a journal entry for the salaries and wages paid
b) Prepare the entry to record the employer payroll taxes
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Record the journal entries related to this transaction using the net method of recording purchases and Which method do you prefer? Why?
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