Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions...
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Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 - Paid an employee B. Vaughn gross pay of $1,560 for January 1-15 salary, calculated as follows: Gross Pay Income taxes 15% Deductions FICA Medicare 1.45% FICA Social Security 6.2% Total deductions Net Pay $2,000 The company matches FICA deductions. Required: a Calculate B. Vaughn's net pay and journalize the entries to record her payroll. b. Prepare journal entries to record the above transactions. Show necessary calculations
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