68 statewide sales inc has gross salaries and wages for march of 45 000 provide the 4307851

68 statewide sales inc has gross salaries and wages for march of 45 000 provide the 4307851

68) Statewide 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 4.2% 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.

69) Lawrence, an employee of Light Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $110,100, and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.)

70) Lawrence, an employee of Light Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $110,100, and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Lawrence has a deduction of $320 for health insurance and $80 for United Way. Provide the journal entry to record salaries expense and payroll withholdings. (Assume a FICA—OASDI Tax of 4.2% and FICA—Medicare Tax of 1.45%.)

71) Lawrence, an employee of Light Inc., has gross salary for March of $4,000. The entire amount is under the OASDI limit of $110,100, 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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