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Problem 1. During danuary, Luxury Cruise Lines pays employee salaries of $2 miltion. Withhoidings in January are $153,000 for the employee portion of FiCA, $333,000
Problem 1. During danuary, Luxury Cruise Lines pays employee salaries of $2 miltion. Withhoidings in January are $153,000 for the employee portion of FiCA, $333,000 for federal income tax, $111,000 for state income tax, and $30,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $100,000 for federal and state unemployment tax and $90,000 for the employer portion of health insurance. (4 pts) Required: Record the employer payroll taxes
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