John Doe is the owner and sole employee of XYZ Limited. He pays himself a...
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Accounting
John Doe is the owner and sole employee of XYZ Limited. He pays himself a weekly salary of $1,750. The following deductions are taken from his weekly pay: FICA OASDI FICA HI Federal Income Tax: $215. State Income Tax: 25% of Federal. FUTA SUTA: 3.5% of the first $8,000. 401-K Plan: 5%. Record the Journal Entry for the Weekly Payroll for January 30. (Year-ToDate Pay $5,250.)
question: Record the Journal entry for the Payroll taxes on January 30
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