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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
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., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a 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).) View transaction list Journal entry worksheet
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