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Art Panache, the sole employee of Panache Sales, has gross salary for March of $5,000. The entire amount is under the OASDI limit of $110,100, and thus subject to FICA. He is also subject to federal income tax at a rate of 20%. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. The journal entry in the payroll cycle to record the employer's payroll tax expense includes a credit to FICA-OASDI Taxes Payable for $310. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)
Symbolic
Representing something else by association, resemblance, or convention, especially a material object representing something abstract.
Experiential Attributes
Characteristics of a product or service that can only be assessed after direct experience or consumption, such as taste or satisfaction.
Transactional Costs
Expenses incurred during the process of buying or selling services or commodities, encompassing costs associated with information, negotiation, and enforcement of contracts.
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