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    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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    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 ...

    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.

    $2.49

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