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.
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Question

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.
 $$\begin{array} { | l | r | r | } 
\hline \quad\quad\quad&\quad&\quad \
\hline \\hline \\hline \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of 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.
 $$\begin{array} { | l | r | r | } 
\hline \quad\quad\quad&\quad&\quad \
\hline \\hline \\hline \
\hline
\end{array}$$

Art Parrish,the Sole Employee of Parrish Sales,has Gross Salary for March