Grant, an employee of Fitzgerald, 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. Which of the following is a part of the journal entry to record the employer's payroll taxes?
A) credit to Payroll Tax Expense
B) debit to FICA Taxes Payable
C) credit to FICA-Medicare Taxes Payable
D) debit to Cash
C
You might also like to view...
A salesman innocently misrepresented a fact to a customer about a new printer. He honestly believed his statement was true and was not careless. Although this fact was not about a term of the contract, it did induce the customer to buy that printer. The next day, the customer learned the true facts and wanted to return the printer. If the store refused to take it back and the customer sued, which of the following would be the most likely result?
A) An award of damages B) The buyer's case dismissed C) An order of specific performance D) An order of rescission E) An injunction
Terry started saving $50 a month at age 25 in an account earning 6% compounded monthly. At age 40 she would have ____ in this account. (Use time value tables or financial calculator)
a. $ 5,252 b. $ 9,000 c. $ 9,540 d. $13,962 e. $14,541