Selected Data from a February Payroll Register for Ginn Company

question 36

Essay

Selected data from a February payroll register for Ginn Company are presented below. Some amounts are intentionally omitted. FICA taxes are 7.65%. State income taxes are 4% of gross earnings.
Instructions
(a) Fill in the missing amounts.
(b) Journalize the February payroll and the payment of the payroll.

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Definitions:

Restrictive Covenant

A clause in a contract that limits certain actions of the parties involved, often used in employment and real estate agreements.

Amortized Debt

A loan in which the principal and interest are paid off in equal installments over a predetermined period.

Coupon

The periodic interest payment made to the bondholders during the life of the bond.

Call Provisions

Terms in a bond or other fixed-income security's contract that allow the issuer to repay the debt before its maturity date.