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Lawrence, an employee of Light, 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) debit to FICA Taxes Payable
B) debit to Payroll Tax Expense
C) credit to Payroll Tax Expense
D) debit to Cash
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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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7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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