Friday, 8 May 2020

Provide the journal entry to record salaries expense and payroll withholdings

Lawrence, an employee of Triple Time, Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. He is also subject to federal income tax at a rate of 18%.
Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICA—OASDI Tax of 6.2% and FICA—Medicare Tax of 1.45%.)  Salaries will be paid at a later date.  Omit explanation.

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