Doug,an Employee of Cayman Travels Company,has Gross Salary for March

question 221

Essay

Doug,an employee of Cayman Travels Company,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $118,500,and thus subject to FICA.His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA.Provide the journal entry to record the employer's payroll taxes.(Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)Omit explanation.

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Definitions:

College Students

Individuals enrolled in an institution of higher education, aiming to achieve degrees or certifications at various academic levels.

Positive Experiences

Events or interactions that evoke good feelings and are beneficial for individual well-being, contributing to overall happiness and satisfaction.

Homophily

The tendency of individuals to associate and bond with similar others, often summarized as "like attracts like."

Mental Disorder

A broad term for a wide range of conditions affecting mental health, characterized by alterations in thinking, mood, or behavior.