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Joe, an employee of Time Travel, Inc., has gross salary for March of $5,200. 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 29%. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. The journal entry to record employer's payroll tax expense includes a credit to FICAMedicare Taxes Payable for $150.80. (Assume a FICAOASDI Tax of 6.2% and FICAMedicare Tax of 1.45%.)
A) True
B) False
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Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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