35) Art Parrish, the sole employee of Parrish Sales, has gross salary for March of $4,000. The entire amount is under the OASDI limit of $106,800 and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Please provide the second entry in the payroll cycle to record the disbursement of his net pay.
36) Art Parrish, the sole employee of Parrish Sales, has gross salary for March of $4,000. The entire amount is under the OASDI limit of $106,800 and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. Art has a deduction of $320 for health insurance and $80 for United Way. Please provide the second entry in the payroll cycle to record the disbursement of his net pay.
37) Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a retirement plan in his name. The company share of the health insurance premium is $400 and the company contribution to the retirement plan is $550. Please provide the third journal entry in the payroll cycle to record the employee benefits paid by the company.
38) Art Parrish, the sole employee of Parrish Sales, has gross salary for March of $4,000. The entire amount is under the OASDI limit of $106,800 and thus subject to FICA. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Please provide the fourth journal entry in the payroll cycle to record the employer's payroll taxes.
39) Art Parrish, the sole employee of Parrish Sales, has gross salary for March of $4,000. The entire amount is under the OASDI limit of $106,800 and thus subject to FICA. He is also subject to federal income tax at a rate of 18%. His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA. Please provide the fifth journal entry in the payroll cycle to record the payment by the company of payroll taxes to the government.