Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Time remaining: 4:02:01 [The following information applies to the questions displayed below.] Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees well-being.

Time remaining: 4:02:01

[The following information applies to the questions displayed below.]

Emily Turnbull, president of Aerobic 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 6% of their salaries. Assume that no employees cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below.

Wages and salaries $ 1,850,000
Employee contribution to voluntary retirement plan 92,500
Medical insurance premiums paid by employer 37,000
Dental insurance premiums paid by employer 12,950
Life insurance premiums paid by employer 6,475
Federal and state income tax withheld 397,750
FICA tax rate 7.65 %
Federal and state unemployment tax rate 6.20 %
Required:
1.

Record the employee salary expense, withholdings, and salaries payable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

B)Record the employer-provided fringe benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

C)Record the employer payroll taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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

More Books

Students also viewed these Accounting questions

Question

Explain the regulation of bile release.

Answered: 1 week ago

Question

how did you get the Cumulative timing difference?

Answered: 1 week ago