Joe,an Employee of Time Travel,Inc

question 126

True/False

Joe,an employee of Time Travel,Inc. ,has gross salary for March of $5,200.The entire amount is under the OASDI limit of $117,000,and thus subject to FICA.He is also subject to federal income tax at a rate of 29%.His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA.The journal entry to record employer's payroll tax expense includes a credit to FICA-Medicare Taxes Payable for $150.80.(Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. )

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