A Company Has Two Employees Whose Total January Salaries Totaled

question 190

Essay

A company has two employees whose total January salaries totaled $8,000.The federal income tax rate for both employees is 15%.The FICA Social Security tax is 6.2% and the FICA Medicare tax is 1.45%.Calculate the amount of employee taxes withheld and prepare the company's journal entry to accrue the January salaries expense and withholding of January taxes.

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Definitions:

Childhood into Adulthood

The transitional phase of human development where an individual evolves from dependency during childhood to independence and self-reliance in adulthood.

Gender Dysphoria

A condition where there is a conflict between a person's physical or assigned gender and the gender with which they identify.

Cross-Sex Social Role

The adoption or performance of social roles that are traditionally or stereotypically associated with the opposite gender.

Gender Dysphoria

A psychological condition where there is a conflict between a person's physical or assigned gender and the gender with which they identify.