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you told me to add more info, so i did. im not asking how to do eb13 EB15. LO 12.5 An employee and employer cost-share
you told me to add more info, so i did. im not asking how to do eb13
EB15. LO 12.5 An employee and employer cost-share 401(k) plan contributions, health insurance premium payments, and charitable donations. The employer also provides annual vacation compensation equal to ten days of pay at a rate of $30 per hour, eight-hour work day. The employee makes a gross wage of $3,000 monthly. The employee decides to use five days of vacation during the current pay period. Employees cover 30% of the 401(k) plan contribution and 30% of the health insurance premium. The employee also donates 1% of gross pay to a charitable organization. A. What would be the employee's total benefits responsibility if the total 401(k) contribution is $700 and the health insurance premium is $260? B. Include the journal entry representing the payroll benefits accumulation for the employer in the month of March, if the employer matches the employee's charitable donation of 1% Date March Debit 972 Credit Account Benefits Expense 401(k) Retirement Contribution Health insurance Payable Chairitable Donations 490 182 300 EB13. LO 12.5 Marc & Associates employs Janet Evanovich at its law firm. Her gross income 2 for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state 3 income tax of $60. local income tax of $30, FICA Social Security tax rate at 6.2%, FICA 4 Medicare tax rate at 1.45%, health-care insurance premium of $300. donations to a charity of 5 $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his 6 or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June, dated June 8 30, 2017 9 B. Record remittance of the employee's salary with cash on July 1 10 11 Date Account Debit Credit 12 A. ###### Salaries Expense 7500 13 Federe al income Tax Payable 650 14 State income Tax Payable 60 15 LocalIncome Tax Payable 30 16 FICA Social Security EE Payable 465 17 FICA Medicare EE Payable 108.75 18 Health Insurance EE Payable 120 19 Charitable Donations 50 20 Pension Contribustion Payable 200 21 Salaries Payable to employee) 5817 22 23 B, 7/1/2017 Salaries Payable 58171 24 Cash(Janet Evanovich 5817 25 26 EB15. LO 12.5 An employee and employer cost-share 401(k) plan contributions, health insurance premium payments, and charitable donations. The employer also provides annual vacation compensation equal to ten days of pay at a rate of $30 per hour, eight-hour work day. The employee makes a gross wage of $3,000 monthly. The employee decides to use five days of vacation during the current pay period. Employees cover 30% of the 401(k) plan contribution and 30% of the health insurance premium. The employee also donates 1% of gross pay to a charitable organization. A. What would be the employee's total benefits responsibility if the total 401(k) contribution is $700 and the health insurance premium is $260? B. Include the journal entry representing the payroll benefits accumulation for the employer in the month of March, if the employer matches the employee's charitable donation of 1% Date March Debit 972 Credit Account Benefits Expense 401(k) Retirement Contribution Health insurance Payable Chairitable Donations 490 182 300 EB13. LO 12.5 Marc & Associates employs Janet Evanovich at its law firm. Her gross income 2 for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state 3 income tax of $60. local income tax of $30, FICA Social Security tax rate at 6.2%, FICA 4 Medicare tax rate at 1.45%, health-care insurance premium of $300. donations to a charity of 5 $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his 6 or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June, dated June 8 30, 2017 9 B. Record remittance of the employee's salary with cash on July 1 10 11 Date Account Debit Credit 12 A. ###### Salaries Expense 7500 13 Federe al income Tax Payable 650 14 State income Tax Payable 60 15 LocalIncome Tax Payable 30 16 FICA Social Security EE Payable 465 17 FICA Medicare EE Payable 108.75 18 Health Insurance EE Payable 120 19 Charitable Donations 50 20 Pension Contribustion Payable 200 21 Salaries Payable to employee) 5817 22 23 B, 7/1/2017 Salaries Payable 58171 24 Cash(Janet Evanovich 5817 25 26 Step by Step Solution
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