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9 5 points During January, Luxury Cruise Lines incurs employee salaries of $2.2 million. Withholdings in January are $168,300 for the employee portion of FICA,
9 5 points During January, Luxury Cruise Lines incurs employee salaries of $2.2 million. Withholdings in January are $168,300 for the employee portion of FICA, $330,000 for federal income tax, $137,500 for state income tax, and $22,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $136,400 for federal and state unemployment tax and $66,000 for the employer portion of health insurance. Required: 1.-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 should be entered as 5,000,000).) 1 No Date January 31 Salaries Expense Income Tax Payable FICA Tax Payable Accounts Payable Salaries Payable 2 January 31 Salaries Expense 3 January 31 Payroll Tax Expense FICA Tax Payable Answer is not complete. General Journal Debit Credit 2,200,000 330,000 168,300 Unemployment Tax Payable 22,000 22,000 1,542,200 66,000 66,000
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