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Jason's gross pay for the week is $1900. His year-to-date pay is under the limit for OASDI. Assume that the rate for state and federal
Jason's gross pay for the week is $1900. His year-to-date pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6% and that Jason's year-to-date pay has not yet exceeded the $7000 cap. What is the total amount of payroll taxes that his employer must record as payroll tax expenses? Journalize the payroll tax expense for the employer. Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.
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