Sweetman's Recording Studio payroll records show the following information:
Assume the following:
a)FICA: OASDI, 6.2% on a limit of $106,800; Medicare, 1.45%
b)Each employee contributes $40 per week for union dues
c)State income tax is 5% of gross pay
d)Federal income tax is 20% of gross pay
Prepare a general journal payroll entry.
Definitions:
Favorable Tax Treatment
Tax policies that are advantageous to businesses or individuals, often involving lower rates or specific deductions.
Working-Age Adult Americans
Individuals within the United States typically considered to be in the labor force, often defined as those aged from 18 to 64 or 65.
No Health Insurance
The condition of not having any coverage or protection against the costs of medical services.
Medical Science
A branch of science focused on the study, diagnosis, treatment, and prevention of diseases and conditions affecting humans and animals.
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