company pays an employee 12000 in gross wages with the following applicable withholding and tax...
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Accounting
company pays an employee 12000 in gross wages with the following applicable withholding and tax amounts.
Federal income tax withheld $1240
SS Tax 744
medicare tax 174
unemployment tax 440
401(k) withheld 670
Calculate and record the 2 journal entries. One to record the employee paycheck and the second to record payroll tax expense. What is the total cost of his employee to the employer (aka total compensation expense)? Please show work. Thank you
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