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Lily Company has the following data for the weekly payroll ending January 31....

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Accounting

Lily Company has the following data for the weekly payroll ending January 31.
Employees are paid 1.50 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% the first $132,900 of gross earnings. Lily Company is subject to 5.40% state unemployment taxes and 0.60% federal unemployme taxes on the first $7,000 of gross earnings.
Prepare the journal entries to record the payroll and Lily's payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g.15.25.)
Date Account Titles and Explanation
Debit
Credit
Jan. 31
(To record payroll)
Jan. 31
image

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