Art Parrish, the Sole Employee of Parrish Sales, Has Gross

question 78

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 $110,100, 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 journal entry in the payroll cycle to record the employer's payroll taxes?

• A)credit to Payroll Tax Expense
• B)debit to FICA Tax Payable
• C)credit to FICA-Medicare Tax Payable
• D)debit to Cash

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Definitions:

Neurotransmitter

Chemical substances in the brain that transmit signals from one neuron to another across synapses.

Heritability Rate

A measure of how much of the variation in a trait among individuals can be attributed to genetic differences.

Attributional Style

The way in which one is disposed toward interpreting outcomes (successes or failures), as in tending to place blame or responsibility on oneself or on external factors.

Monozygotic

Pertaining to twins that are genetically identical because they were conceived from a single fertilized egg.