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Title: Leroy, an employee of Double Time, Inc., has gross salary for March of $4,000. The entire amount is ... Post by: H3Ko on Aug 30, 2016 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 FICAOASDI Tax of 6.2% and FICAMedicare Tax of 1.45%.)
Title: Re: Leroy, an employee of Double Time, Inc., has gross salary for March of $4,000. The entire amount ... Post by: padre on Aug 31, 2016 Salaries Expense 4,000
Employee Income Taxes Payable ($4,000 × 18%) 720 FICAOASDI Taxes Payable ($4,000 × 6.20%) 248 FICAMedicare Taxes Payable ($4,000 × 1.45%) 58 Salaries Payable 2,974 Title: Re: Leroy, an employee of Double Time, Inc., has gross salary for March of $4,000. The entire amount is ... Post by: H3Ko on Oct 12, 2016 I just realized you had posted this! Thanks so much
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