Cambridge 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.
What will be an ideal response
Salaries and Wages Expense 45,000.00
FICA—OASDI tax payable ($45,000 x 6.20%) 2,790.00
FICA—Medicare Tax Payable ($45,000 x 1.45%) 652.50
Salaries and Wages Payable 41,557.50
You might also like to view...
Some investing and financing transactions do not involve cash and therefore
a. appear on the statement of cash flows under operating, investing or financing activities, as appropriate. b. appear on the statement of cash flows under operating activities. c. appear on the statement of cash flows under operating or financing activities, as appropriate. d. appear on the statement of cash flows under investing or financing activities, as appropriate. e. do not appear on the statement of cash flows.
Which of the following is NOT an objective of sales and operations planning?
a. Establish greater accountability for individual plans developed by the various functional groups. b. Coordinate supply chain partners. c. Develop a maximum cost strategy for effectively meeting demands. d. Establish communication among various stakeholders, including finance, marketing, production, and suppliers.
One problem with Monte Carlo simulation analysis is that while the simulation may provide some insights into the riskiness of a project, the analysis does not lead to a clear-cut accept versus reject decision.?
Answer the following statement true (T) or false (F)
The General Electric "strategic planning grid" forces company managers to make three-part judgments (high, medium, and low) about the business strengths and industry attractiveness of all proposed or existing product-market plans.
Answer the following statement true (T) or false (F)