During January, Luxury Cruise Lines incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, and $552,500 for employee federal and state. The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).)
During January, Luxury Cruise Lines incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, and $552,500 for employee federal and state. The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1PA
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