Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need the missing numbers with explanation how to get numbers Vacation Destinations offers its employees the option of contributing up to 6% of their salaries
need the missing numbers with explanation how to get numbers
Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld Social Security tax rate Medicare tax rate Federal and state unemployment tax rate $ 750,000 31,500 15,750 3,000 187,500 6.20% 1.45 % 6.20 % Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. 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.) X Answer is not complete. No Credit Date February 14 Debit 750,000 General Journal Salaries expense Income tax payable Accounts payable (Retirement Plan) Salaries payable 187,500 31,500 February 14 50,250 Salaries expense Accounts payable (Retirement Plan) Accounts payable (Life Insurance) Accounts payable (Medical Insurance) 31,500 3,000 15,750 3 February 14 Payroll tax expense Unemployment tax payableStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started