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    Computing payroll expenses and journal entry

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    Payroll Journal Entries. See attached file for full problem description.

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    Solution Preview

    First let us calculate the taxes based on the rates given.
    FICA - Social Security - The rate is given as 6.2% and is applicable to first 87,000. This means that the FICA - Social Security tax is to be calculated as 6.2% of all wages earned till they reach 87,000. In the situation a, the total wages till Sep is 6,400+800=7,200 so 6.2% is applicable on the total 800 of ...

    Solution Summary

    The posting has solution to problems 11-6 and 11-7 relating to payroll expenses and journal entries for one employee of MRI Co.