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Emily Turnbull, president of Gold Coast Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life
Emily Turnbull, president of Gold Coast Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 5% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. $1,900,000 95,000 38,000 13,300 6,650 408,500 7.65% 6.20% Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 > es Journal entry worksheet > 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Date General Journal Debit Credit January 24 Salaries Expense 1,900,000 Employee Income Tax Payable 408,500 FICA Tax Payable 145,350 Salaries Payable 1,346,150 Record entry Clear entry View general journal > Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/eve Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date General Journal Debit Credit January 24 Accounts Receivable Record entry Clear entry View general journal Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > 1 2 3 Record the employer payroll taxes. Note: Enter debits before credits. Date General Journal Debit Credit January 24 Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable Record entry Clear entry View general journal
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