Problem $8-4$B $($Algo$)$ Record payroll $($LO$8-3)$

$1$ points

References

Emily Turnbull, president of Gold Coast 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 $5\%$ 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

Employee contribution to voluntary retirement plan

$$1,900,000$

$95,000$

$38,000$

$13,300$

$6,650$

$408,500$

$7\mathrm{.}65\%$

$6\mathrm{.}20\%$

Dental insurance premiuns paid $by$ employer

Life insurance premiums paid $by$ employer

Federal and state income tax withheld

FICA tax rate

Federal and state unemployment tax rate

Required:

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

Record the employer$-$provided fringe benefits.

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 occount field.$)$

View transaction list

Journal entry worksheet

$1$

$2$

$3$

Record the employer$-$provided fringe benefits.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $24,,,],[,,,],[,,,],[,,,],[,,,]]$

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