ACC 291 Week 3 Assignment (100% accurate, latest assignment)

 During the month of March, Olinger Company’s employees earned wages of $71,000. Withholdings related to these wages were $5,432 for Social Security (FICA), $8,320 for federal income tax, $3,439 for state income tax, and $444 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $777 for state unemployment tax.

On August 1, 2014, Ortega Corporation issued $571,200, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Ortega’s year-end is December 31.

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