Doug, an employee of Cayman Travels, Inc, has gross salary for March of $4,000
The entire amount is under the OASDI limit of $117,000, and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Provide the journal entry to record the employer's payroll taxes. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)
What will be an ideal response
Payroll Tax Expense 306
FICA—OASDI Taxes Payable ($4,000 x 6.20% = $248 ) 248
FICA—Medicare Taxes Payable ($4,000 x 1.45% = $58 ) 58
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The durability an expensive pair of shoes provides has value since ________ are willing to ________ it
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