Lawrence, an employee of Light, Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $132,900, and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Which of the following is a part of the journal entry to record the employer's payroll taxes? O credit to Payroll Tax Expense O debit to Cash O debit to FICA Taxes Payable O debit to Payroll Tax Expense

Lawrence, an employee of Light, Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $132,900, and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Which of the following is a part of the journal entry to record the employer's payroll taxes? O credit to Payroll Tax Expense O debit to Cash O debit to FICA Taxes Payable O debit to Payroll Tax Expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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