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.His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA.The fourth journal entry in the payroll cycle to record the employer's payroll taxes should include which of the following?
A) Debit to Payroll tax expense
B) Debit to FICA tax payable
C) Credit to Payroll tax expense
D) Credit to Cash
Correct Answer:
Verified
Correct Answer:
Verified
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