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Required: 1. Compute the total salary expense, the total withholdings from employee salaries, and the actual direct deposit of payroll for the first week of
Required: 1. Compute the total salary expense, the total withholdings from employee salaries, and the actual direct deposit of payroll for the first week of January. Total salary expense Total withholdings Actual direct deposit value: 1.00 points Required information 2. Compute the total payroll tax expense Aspen Ski Resorts will pay for the first week of January in addition to the total salary expense and employee withholdings calculated in Part 1. Total payroll tax expense 3. How should Aspen Ski Resorts account for the free skiing given to employees on their days off? Record as salary expenses No accounting entry required Hints References eBook & Resources Hint #1 The following information applies to the questions displayed below! Aspen Ski Resorts has 100 employees, each working 40 hours per week and earning S10 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $118.500 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7.000 earned per employee
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