Joe, an employee of Time Travel, Inc., has gross salary for March of $5, 600. The entire amount is under the OASDI limit of $117,000, and thus subject to FICA. He is also subject to federal income tax at a rate of 21%. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. The journal entry to record employer's payroll tax expense includes a credit to FICA-Medicare Taxes Payable for $162.40. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) True False