Gross payroll for the employees of Bestos Company totals $200,000 per week. From this must...
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Gross payroll for the employees of Bestos Company totals $200,000 per week. From this must be withheld Social Security taxes of 6.20% and Medicare taxes of 1.45%. In addition, federal and state income tax withholdings amount to 10.00% of gross payroll. Which ONE of the following is in the SUMMARY JOURNAL ENTRY to record the payment of payroll for one week? DEBIT to Compensation Expense for $215,300 DEBIT to Income Tax Withholding Payable for $20,000 DEBIT to Social Security Payable for $24,800 DEBIT to Cash for $164,700 CREDIT to Medicare Payable for $2,900
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