David,an Employee of Cecil,Inc

True/False

David,an employee of Cecil,Inc.,has gross salary for March of $5,900.The entire amount is under the OASDI limit of $118,500,and thus subject to FICA.He is also subject to federal income tax at a rate of 30%.His year-to-date pay has already exceeded the $7,000 cap for FUTA and SUTA.The journal entry to record the employer's payroll tax expense includes a credit to FICA-OASDI Taxes Payable for $365.80.(Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)