Other Accrued Liabilities - Payroll
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Other accrued liabilities - payroll. The following summary data for the payroll period ended on December 31, 2004, are available for Visquel and Associates.
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Solution Summary
This solution is comprised of a detailed explanation to calculate the missing amounts and then determine the FICA tax withholding percentage and use the horizontal model (or write the journal entry) to show the effects of the payroll accrual.
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Other accrued liabilities?payroll. The following summary data for the payroll period
ended on December 31, 2004, are available for Visquel and Associates
Gross pay 200,000
FICA tax withholdings ?
Income tax withholdings 22,500
Medical insurance contributions 2,150
Union dues 650
Total deductions 40,600
Net pay ?
Required:
a. Calculate the missing amounts and then determine the FICA tax ...
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