David,an Employee of Cecil,Inc

question 90

True/False

David,an employee of Cecil,Inc.,has gross salary for March of $5,900.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 30%.His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA.The journal entry to record the employer's payroll tax expense includes a credit to FICA-OASDI Taxes Payable for $365.80.(Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)

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Definitions:

Attachment

A deep and enduring emotional bond that connects one person to another across time and space.

Resilient

The ability to recover quickly from difficulties; toughness.

Adults

Individuals who have reached the age of maturity in their society, typically characterized by physical growth completion and legal responsibilities.

Growth Factor

Biological molecules that stimulate cellular growth, proliferation, healing, and cellular differentiation.