Business, 05.05.2020 04:06 jahjah1158
Vacation Destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life 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 $ 700,000
Employee contribution to voluntary retirement plan 29,400
Medical insurance premiums paid by employer 14,700
Life insurance premiums paid by employer 2,800
Federal and state income tax withheld 175,000
Social Security tax rate 6.20 %
Medicare tax rate 1.45 %
Federal and state unemployment tax rate 6.20 %
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.
Answers: 2
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