Total gross payroll for the year was 125000 assume a, Accounting Basics

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Total gross payroll for the year was 125000 assume a

Question: Total (gross) payroll for the year was $125,000. Assume a federal income tax rate of 25%, a FICA rate of 7.65%, and a federal unemployment tax rate (net of state tax credit) is .8% and the state unemployment tax rate is 3%. Assume all wages owed to employees were paid in cash, NONE of the payroll taxes have been paid yet.

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Accounting Basics: Total gross payroll for the year was 125000 assume a

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Accounting Basics: Total gross payroll for the year was 125000 assume a

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