Art Parrish,the Sole Employee of Parrish Sales,has Gross Salary for March

question 129

Multiple Choice

Art Parrish,the sole employee of Parrish Sales,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $106,800,and thus subject to FICA.He is also subject to federal income tax at a rate of 18%.His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA.The fifth journal entry in the payroll cycle to record the payment by the company of payroll taxes to the government includes which of the following?

• A) Credit to Salary payable
• B) Credit to Employee income tax payable
• C) Debit to FICA tax payable
• D) Debit to Salary payable

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Definitions:

External Partner

An individual or organization outside of one's own company or team that collaborates or assists in achieving a common goal.

Less Successful Projects

Projects that fail to meet their predefined goals or objectives within the allotted time or budget.

Request For Quote

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Project Quality

A measure of the deliverables and processes against the requirements and standards defined for the project.