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

question 29

Essay

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. 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%.)

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Definitions:

Soil Nutrient Loss

The depletion of essential minerals and compounds from soil, often due to factors like erosion, over-farming, or leaching, which can reduce soil fertility and agricultural productivity.

Global Climate Change

An ongoing trend toward warmer temperatures and shifts in climate patterns worldwide; caused by a rise in greenhouse gases.

Acidic Precipitation

A form of precipitation, such as rain or snow, that contains high levels of hydrogen ions (low pH), often due to pollutants like sulfur dioxide and nitrogen oxides released into the atmosphere.

Ecological Restoration

Actively altering an area in an effort to restore an ecosystem that has been damaged or destroyed.