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Tam earns a salary of $7,500 per month during the year. FICA taxes are 7.65% on the first $128,400 of gross earnings. During the year,
Tam earns a salary of $7,500 per month during the year. FICA taxes are 7.65% on the first $128,400 of gross earnings. During the year, $25,600 was withheld for federal income taxes and $5,700 was withheld for state income taxes. Prepare a Journal entry summarizing the payment of Tam's total salary during the year.
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