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Lawrence,an Employee of Triple Time,Inc

question 164

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Lawrence,an employee of Triple Time,Inc.,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $118,500 and thus subject to FICA.He is also subject to federal income tax at a rate of 18%.Provide the journal entry to record salaries expense and payroll withholdings.(Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)Salaries will be paid at a later date.Omit explanation.


Definitions:

Ergonomics

The study or practice of designing products, systems, or processes to optimize them for human use.

Aging Workforce

The aging workforce is a demographic trend characterized by an increasing average age of the working population, presenting challenges in retirement planning and workforce management.

Reduced Vision

A diminished ability to foresee, plan for, or imagine future developments or opportunities.

Job Identity

The key part of a job description, including job title, location, and status.

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