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Merger Company has 10 employees, each of whom earns $1,850 per month and has been...

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Accounting

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Merger Company has 10 employees, each of whom earns $1,850 per month and has been employed since January 1. FiCA Social Security taxes are 6.2% of the first $132,900 paid to each employee, and FiCA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. Note: Round your answers to 2 decimal places. Journal entry worksheet Noter Enter debits before credits

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