(Solution) - For the year ended December 31 2012 Radar Company reports -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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For the year ended December 31, 2012, Radar Company reports the following summary payroll data.

Radar Company?s payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment. Gross earnings subject to FICA taxes total $370,000, and gross earnings subject to unemployment taxes total $90,000.
Instructions
(a) Prepare a summary journal entry at December 31 for the full year?s payroll.
(b) Journalize the adjusting entry at December 31 to record the employer?s payroll taxes.
(c) The W-2 Wage and Tax Statement requires the dollar data shownbelow.