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Business, 04.04.2020 11:02 2308046

Barbara Muller Services (BMS) pays its employees monthly. The payroll information listed below is for January 2018, the first month of BMS's fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries $ 80,000 Federal income taxes to be withheld 16,000 Federal unemployment tax rate 0.80 % State unemployment tax rate (after FUTA deduction) 5.40 % Social security tax rate 6.2 % Medicare tax rate 1.45 % The journal entry to record payroll for the January 2018 pay period will include a debit to payroll tax expense of:

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