Debit | Credit | ||
Jan 31 | Salaries Expense | 950000 | |
Income Tax Payable | 240000 | ||
FICA Tax Payable | 80000 | ||
Accounts Payable (Blue Cross/Blue Shield) | 40000 | ||
Salaries Payable | 590000 | ||
Jan 31 | Salaries Expense | 20000 | |
Accounts Payable (Blue Cross/Blue Shield) | 20000 | ||
Jan 31 | Payroll tax expense | 118000 | |
FICA Tax Payable | 80000 | ||
Unemployment Tax Payable | 38000 |
During January, Deluxe Printing pays employee salaries of $0.95 million. Withholdings in January are $80,000 for...
During January, Deluxe Printing pays employee salaries of $.97
million. Withholdings in January are $69,000 for the employee
portion of FICA, $240,000 for federal and state income tax, and
$50,000 for the employee portion of health insurance (payable to
Blue Cross/Blue Shield). The company incurs an additional $48,000
for federal and state unemployment tax and $20,000 for the employer
portion of health insurance.
During January, Deluxe Printing pays employee salaries of $.97 million. Withholdings in January are $69,000 for the...
During January, Luxury Cruise Lines incurs employee salaries of $2.3 million. Withholdings in January are $175,950 for the employee portion of FICA $345,000 for federal income tax, $143,750 for state income tax, and $23,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $142,600 for federal and state unemployment tax and $69,000 for the employer portion of health insurance. Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below....
During January, Luxury Cruise Lines incurs employee salaries of $1.8 million. Withholdings in January are $137,700 for the employee portion of FICA, $270,000 for federal income tax, $112,500 for state income tax, and $18,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $111,600 for federal and state unemployment tax and $54,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below....
During January, Luxury Cruise Lines incurs employee salaries of $1.0 million. Withholdings in January are $76,500 for the employee portion of FICA, $150,000 for federal income tax, $62,500 for state income tax, and $10,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below....
During January, a company incurs employee salaries of $2.8 million. Withholdings in January are $214,200 for the employee portion of FICA $420,000 for federal income tax, $175,000 for state income tax, and $28.000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $173,600 for federal and state unemployment tax and $84,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry...
During January, a company incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA, $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet 1. Record the employee...
Problem 1. During January, Luxury Cruise Lines pays employee salaries of January are $153,000 for the employee portion of FICA, $333, income tax, and $30,000 for the employee portion of health insurance (payable The company incurs an additional $100,000 for federal and state unemployment to employer portion of health insurance. (10 pts) yee portion of FICA, $333,000 for federal income tax, $111,000 for state ployee salaries of $2 million. Withholdings in insurance (payable to Blue Cross/Blue Shield). state unemployment tax...
Caribbean Tours' total payroll for the month of January was $520,000. The following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld $ 52,000 Health insurance premiums paid by employer (payable to Blue Cross) 9,360 Contribution to retirement plan paid by employer (payable to Fidelity) 20,800 FICA tax rate (Social Security and Medicare) 7.65 % Federal and state unemployment tax rate 6.20 % Assume that none of the withholdings or payroll taxes has been paid...
Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS's fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7.000 in January $460,699 92,000 0.88% Salaries expense Federal and state income tax withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security (FICA) tax rate 5.40% 7.65% Required: Record salaries expense and payroll tax expense for the January pay period....
Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assume payroll for the month of January was $410,000 and the following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums (Blue Cross) paid by employer Contribution to retirement plan (Fidelity) paid by employer FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate $126,000 12,100 51,000 7.65% 6.20% Assume that Kashi has paid...