Solution-Provide the journal entry to record employer

Provide the journal entry to record employer payroll taxes

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Reference no: EM132755021

Question: Doug, an employee of Cayman Travels, 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. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Provide the journal entry to record the employer's payroll taxes. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) Omit explanation.

Reference no: EM132755021

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Provide the journal entry to record employer payroll taxes

Reference no: EM132755021

Reference no: EM132755021

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