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

question 58

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 $106,800, and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Please provide the second entry in the payroll cycle to record the disbursement of his net pay.

---

Definitions:

National Unemployment

The percentage of the labor force that is unable to find employment, considered an important indicator of the economic health of a country.

Average Age

The mean age of a specific group or population, calculated by dividing the sum of individual ages by the number of individuals.

U.S. Workforce

refers to the total population of employed and unemployed individuals in the United States, actively participating or seeking participation in the country's labor market.

Management Position Description Questionnaire

A tool used to define the responsibilities, duties, and qualifications required for a management position.