David, an employee of Cecil, Inc., has gross salary for March of $5,900. The entire...
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David, an employee of Cecil, Inc., has gross salary for March of $5,900. 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 30%. His year-to-date pay has already exceeded the $7.000 cap for FUTA and SUTA. The journal entry to record the employer's payroll tax expense includes a credit to FICA-OASDI Taxes Payable for $365,80. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) O O True False
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