Lawrence,an employee of Light Inc.,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $110,100,and thus subject to FICA.He is also subject to federal income tax at a rate of 18%.Provide the journal entry to record salaries expense and payroll withholdings.(Assume a FICA-OASDI Tax of 4.2% and FICA-Medicare Tax of 1.45%.)

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The Answer of Lawrence,an employee of Light Inc.,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $110,100,and thus subject to FICA.He is also subject to federal income tax at a rate of 18%.Provide the journal entry to record salaries expense and payroll withholdings.(Assume a FICA-OASDI Tax of 4.2% and FICA-Medicare Tax of 1.45%.)

Lawrence,an Employee of Light Inc