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Harmony Company has accrued payroll costs of $50,000 for the period May 28 - 31 as follows: Other Information: (a) The FICA rate is 8% of the first $100,000 of wages. None of the employees has reached this maximum.
(b) The company is responsible for state and federal unemployment taxes on the first $8,000 of wages. All of the employees have previously reached this maximum.
(c) Payroll taxes are spread over all jobs.
What entry would be necessary to accrue payroll taxes for the period of May 28 - 31?
Sterling Foundation
An organization or entity established for the purpose of managing assets or funds for charitable, educational, or similar goals.
Program Service Expenses
Costs directly incurred in carrying out the operational activities aligned with the mission of a non-profit or governmental organization.
Supporting Service Expenses
Costs incurred by a business or organization for activities that aid the operation but do not directly contribute to the main business activity.
Not-for-Profit Entity
An organization that operates for charitable, educational, cultural, religious, or other purposes serving the public interest, where profitability is not the primary goal.
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