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Excel Product Inc. pays its employees semimonthly. The summary of the payroll for December 31....

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Accounting

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Excel Product Inc. pays its employees semimonthly. The summary of the payroll for December 31. Indicated the following: For the year ended December 31, $40,000 of the December 31 payroll is subject to social security tax of 6% $120,000 is subject to Medicare tax of 1.5% ; $10,000 is subject to state unemployment tax of 4.3% and federal unemployment tax of 0.8%. As of January 1, of the following year, all of the $120,000 is subject to all payroll taxes. Prepares the journal entries for payroll tax expense if the employees are paid (a) December 31 of the current year

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