Joel, an employee of Cruise​ Travel, Inc., has gross salary for March of​ $5,200. The entire amount is under the OASDI limit of​ $132,900, and thus subject to FICA. He is also subject to federal income tax at a rate of​ 29%. His year−to−date pay has already exceeded the​ $7,000 cap for FUTA and SUTA. The journal entry to record​ employer's payroll tax expense includes a credit to FICA−Medicare Taxes Payable for​ $150.80. (Assume a FICA−OASDI Tax of​ 6.2% and FICA−Medicare Tax of​ 1.45%.) T or F

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