XYZ Co had the following payroll transactions for the first pay period in 2012. ...
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Accounting
XYZ Co had the following payroll transactions for the first pay period in 2012.
Wages $13000
Federal income tax withheld 880
Social security tax is 6.2% and medicare tax is 1.45%. State unemployment tax is 6.2%.
Prepare the journal entry to record the wage expense.
Prepare the journal entry to record the payroll tax expense.
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