Solved: The amount withheld for federal income taxes is 998, Accounting Basics

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The amount withheld for federal income taxes is 998

Question - The employees of Carson Bakery Company earn total wages of $7,780 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 4.3%. The amount withheld for federal income taxes is $998. Journalize the payment of the monthly wages, and record the payroll taxes.

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Accounting Basics: The amount withheld for federal income taxes is 998

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