Why represent taxes levied on gruver corporation


Gross pay (wages expense) $ 250,000 Social Security and Medicare taxes 19,125 Federal and state unemployment taxes 15,500 Workers' compensation insurance 8,500 Group health and life insurance benefits 10,000 Employee pension plan benefits 22,875 Total payroll costs for February $ 326,000 Gruver's insurance premiums for workers' compensation and group health and life insurance were paid for in a prior period and recorded initially as prepaid insurance expense. Withholdings from employee wages in February were as follows: State income tax withholdings $ 5,875 Federal income tax withholdings 56,000 Social Security and Medicare tax withholdings 19,125 a. Record Gruver's gross wages, employee withholdings, and employee take-home pay for February. (Omit the "tiny_mce_markerquot; sign in your response.) General Journal Debit Credit b. Record Gruver's payroll tax expense for February. (Omit the "tiny_mce_markerquot; sign in your response.) General Journal Debit Credit c. Record Gruver's employee benefit expenses for February. (Omit the "tiny_mce_markerquot; sign in your response.) General Journal Debit Credit d. Do the amounts withheld from Gruver's employees represent taxes levied on Gruver Corporation? Yes no

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Accounting Basics: Why represent taxes levied on gruver corporation
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