Multiple Choice
Art Parrish,the sole employee of Parrish Sales,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $106,800,and thus subject to FICA.He is also subject to federal income tax at a rate of 18%.Art has a deduction of $320 for health insurance and $80 for United Way.The second entry in the payroll cycle to record the disbursement of his net pay should include which of the following?
A) Credit to Salary payable
B) Credit to Payable to the United Way
C) Debit FICA tax payable
D) Debit Cash
Correct Answer:
Verified
Correct Answer:
Verified
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