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Business, 20.06.2020 21:57 kay4173

Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $22,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $3,000), life insurance (cost to the company, $330), and retirement benefits (cost to the company, 10% of salaries expense) Requirements:
1. Journalize Ricardo's expenses for employee benefits and for payroll taxes.
Explanations are not required.
2. What was Ricardo's total expense for 2018 related to payroll?

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