Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data were provided by the detailed payroll records of Strebel Company for the month of March, 2021: $ Wages Social Security Tax Medicare

image text in transcribed

The following data were provided by the detailed payroll records of Strebel Company for the month of March, 2021: $ Wages Social Security Tax Medicare Tax Federal Withholding Tax State Withholding Tax Retirement Plan Contribution - Fidelity Health Insurance Union Dues 400,000 ? ? 120,000 24,000 21,000 25,000 2,000 Social Security taxes at a 6.2% rate (no employees had reached the maximum). Medicare taxes at a 1.45% rate. The Company matches 100% of the employees' retirement plan contribution. The Company subsidizes the Health Insurance Plan by paying 60% of the premium. Required: 1. Give the March 31, 2021 journal entry to record the payroll and the related employee deductions. 2. Give the March 31, 2021 journal entry to record the employer's FICA (SS) and Medicare payroll tax expense. 3. Give the March 31, 2021 journal entry to record the employer's monthly payment to Fidelity (includes both the employee and employer portion assuming a full match on the entire March contribution). 4. Give the March 31, 2021 journal entry to record the employer's monthly payment to Blue Cross (includes both the employee and employer portions)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp

8th Edition

0538466790, 9780538466790

More Books

Students also viewed these Accounting questions

Question

What are the purposes of performance appraisals?

Answered: 1 week ago