Preston Sales, Inc. has gross salaries and wages for March of $45,000. Provide the journal entry to record salaries and wages expense and payroll withholdings. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) Salaries and wages to date are under the OASDI limit. Assume no federal or state income taxes are due. Salaries and wages will be paid at a later date. Omit explanation.
What will be an ideal response?
Business
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Property exchanges involving residential property: A)?Have no tax consequences
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