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H3Ko H3Ko
wrote...
Posts: 4891
7 years ago
Leroy, an employee of Double Time, 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. He is also subject to federal income tax at a rate of 18%. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICAOASDI Tax of 6.2% and FICAMedicare Tax of 1.45%.)
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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wrote...
Staff Member
Educator
7 years ago
Salaries Expense   4,000
   Employee Income Taxes Payable ($4,000 × 18%)   720
   FICAOASDI Taxes Payable ($4,000 × 6.20%)   248
   FICAMedicare Taxes Payable ($4,000 × 1.45%)   58
   Salaries Payable   2,974
Mastering in Nutritional Biology
Tralalalala Slight Smile
H3Ko Author
wrote...
7 years ago
I just realized you had posted this! Thanks so much
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