Leroy, an employee of Double Time, Inc., has gross salary for March of $4,000. The...
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Accounting
Leroy, an employee of Double Time, Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $117,000 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%.)
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