An employer has an employee benefit package that includes employer-paid health insurance and an employer-paid retirement program.
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Question:
An employer has an employee benefit package that includes employer-paid health insurance and an employer-paid retirement program. The March payroll included contributions of $5,500 for health insurance, and 10% of the employees’ $120,000 gross salaries for the employee retirement program.
Prepare the journal entry to record these employee benefits.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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