Prepare a General Journal Payroll Entry for Advanced Computer Programming

question 29

Essay

Prepare a general journal payroll entry for Advanced Computer Programming using the following information: Assume the following:
a) FICA: OASDI, 6.2% on a limit of $128,400; Medicare, 1.45%.
b) Federal income tax is 15% of gross pay.
c) Each employee pays $20 per week for medical insurance.

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Definitions:

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Individuals who live in the United States, including citizens, permanent residents, and those on certain visas.

Policy Formulation

The development of plans and actions by governments or organizations to address public issues or problems through laws, regulations, decisions, or actions.

Policymaking Process

The series of steps and actions by which governments create and implement public policy, including agenda setting, policy formulation, adoption, implementation, and evaluation.

Policy Formulation

The process of developing strategies and proposals to address specific issues or accomplish defined goals within a political, organizational, or governmental setting.