Business, 19.11.2019 05:31, blondesaturn
Problem 8-4b record payroll (lo8-3) emily turnbull, president of aerobic 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 $ 1,750,000 employee contribution to voluntary retirement plan 87,500 medical insurance premiums paid by employer 35,000 dental insurance premiums paid by employer 12,250 life insurance premiums paid by employer 6,125 federal and state income tax withheld 376,250 fica tax rate 7.65 % federal and state unemployment tax rate 6.20 % required: 1., 2. & 3. record the necessary journal entries. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
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Problem 8-4b record payroll (lo8-3) emily turnbull, president of aerobic equipment corporation, is c...
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