Exam 11: Current Liabilities and Payroll

Doug,an employee of Cayman Travels Company,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $118,500,and thus subject to FICA.His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA.Provide the journal entry to record the employer's payroll taxes.(Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)Omit explanation.

4.8/5

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