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The Payroll Records of a Company Provided the Following Data

question 65

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The payroll records of a company provided the following data for the weekly pay period ended December 7:
The payroll records of a company provided the following data for the weekly pay period ended December 7:    The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.Prepare the journal entries to (a)accrue the payroll and (b)record payroll taxes expense. The FICA social security tax rate is 6.2% and the FICA Medicare tax rate is 1.45% on all of this week's wages paid to each employee.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.Prepare the journal entries to (a)accrue the payroll and (b)record payroll taxes expense.

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Definitions:

Strike Replacements

Workers hired by an employer to perform the duties of striking employees during a labor strike.

Bargaining Unit

A group of employees with a clear and identifiable community of interests who are represented by a single labor union in collective bargaining.

Industrial Unionism

A labor union organizing method where all workers in the same industry are unified into a single union, regardless of their specific trades or professions.

Social Unionism

A form of unionism focused on broader societal issues beyond workplace concerns, including social justice, environmental sustainability, and community welfare.

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