Doug,an Employee of Cayman Travels,Inc

question 128

Essay

Doug,an employee of Cayman Travels,Inc. ,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $117,000,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%. )

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Definitions:

Quality

The degree to which a product, service, or process meets or exceeds customer expectations or standards.

Customer Service

Assistance and support provided by a company to those people who buy or use its products or services.

Availability

The state of being accessible or obtainable; in commerce, refers to how readily a product or service can be found or provided.

Pricing

The process of determining the value that will be charged for goods or services offered to customers.