Emily Turnbull, president of Yoga Equipment Corporation, is concerned about her employees$$ well$-$being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to $7\%$ of their salaries. Assume that no employee$$s cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January $24$ is listed below.

Wages and salaries $$1,500,000$ 

 

 Employee contribution to voluntary retirement plan $75,000$ 

 

 Medical insurance premiums paid by employer $30,000$ 

 

 Dental insurance premiums paid by employer $10,500$ 

 

 Life insurance premiums paid by employer $5,250$ 

 

 Federal and state income tax withheld $322,500$ 

 

 FICA tax rate $7\mathrm{.}65\%$ 

 

 Federal and state unemployment tax rate $6\mathrm{.}20\%$ 

 

Required:

 

 $1.$ Record the employee salary expense, withholdings, and salaries payable. 

 

 $2.$ Record the employer$-$provided fringe benefits. 

 

 $3.$ Record the employer payroll taxes. 

Answer rating: 100% (QA)

Recording Employee Salary Expense Withholdings and Salaries Payable Date Account Debit C... View the full answer