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Gruver Corporation reported the following payroll-related costs for the month of February:Gross pay wages expense

Gruver Corporation reported the following payroll-related costs for the month of February:Gross pay (wages expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $250,000Social Security and Medicare taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,125Federal and state unemployment taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,500Workers’ compensation insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500Group health and life insurance benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000Employee pension plan benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,875 Total payroll costs for February . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $326,000Gruver’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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,875Federal income tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,000Social Security and Medicare tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,125a. Record Gruver’s gross wages, employee withholdings, and employee take-home pay for February.b. Record Gruver’s payroll tax expense for February.c. Record Gruver’s employee benefit expenses for February.d. Do the amounts withheld from Gruver’s employees represent taxes levied on Gruver Corporation? Explain

Mar 30 2020 View more View Less

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