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Karl, an employee of Smith Electric, Inc., has gross salary for March of $4,000. The entire amount ...

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Karl, an employee of Smith Electric, Inc., has gross salary for March of $4,000. The entire amount ...

Karl, an employee of Smith Electric, 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%. Karl has a deduction of $320 for health insurance and $80 for United Way. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICAOASDI Tax of 6.2% and FICAMedicare Tax of 1.45%.)

Textbook

Horngren's Accounting

Edition: 11^th

Authors: Miller-Nobles, Mattison, Matsumura

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