Question: i need help working these numbers please. Not just answers if possible. Thanks vacation Destinations anters its employees the option of contributing up to 6%
i need help working these numbers please. Not just answers if possible.vacation Destinations anters its employees the option of contributing up to 6% of their salanes to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and fe insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld Social Security tax rate Medicare tax rate Federal and state unemployment tax rate $600,000 25,200 12,600 2,400 150,000 6.205 1.45 6.204 Required: 1. Record the employee salary expense, withholdings, and salaries payable 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Credit Debit 600.000 No Date 1 February 14 Answer is not complete. General Journal Salaries Expense FICA Tax Payable Accounts Payable (Retirement Plan) Income Tax Payable Salaries Payable 25.200 OOO OOOOOOOOO 2 Salaries Expense Accounts Payable (Medical Insurance) Accounts Payable (Life Insurance) Accounts Payabile (Retirement Plan) February 14 3 February 14 Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
