Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 28. during january, deluxe printing pays employee

28. During January, Deluxe Printing pays employee salaries of $1.48 million. Withholdings in January are...

80.2K

Verified Solution

Question

Accounting

28. During January, Deluxe Printing pays employee salaries of $1.48 million. Withholdings in January are $73,000 for the employee portion of FICA, $170,000 for federal and state income tax, and $30,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $38,000 for federal and state unemployment tax, and $40,000 for the employer portion of health insurance.

Record the following transactions for Deluxe Printing. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.)

28a) Record the employee salary expense, withholdings, and salaries payable.

28b) Record the employer-provided fringe benefits.

28c) Record the employer payroll taxes.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Rhombus, Rectangle, Square or None?(-3,-1), (-3,2), (1,1), (1,-2)

Statistics
1.2K views

A random sample of surgical procedures was selected each month for 30 consecutive months, and the...

Advance Math
1.2K views

How many bit strings of length fifteen a) Contain at least four 0s? b) Contain at most...

Programming
1.2K views

What problems would be solved by moving from virtual machines to containers?

Finance
1.2K views

Brazil and Peru sell coffee in the U.S. for $10 per pound. The Brazilian Real falls...

Physics
1.2K views

21 22 Find out mechanical advantage in given figure 1 4 3 2 1 W...

Geometry
1.2K views

A parabola can be drawn given a focus of 5 6 and a directrix of...

Accounting
1.2K views

Wexpro, Incorporated, produces several products from processing 1 ton of clypton,...

Accounting
1.2K views

The ending balance of which of the following accounts is calculated by summing the totals...

Accounting
1.2K views

Salmon, Inc. issues 500,000 shares of preferred stock for $60 a share. The stock has...

Accounting
1.2K views

0.25q+0.10(2q+3)=7.05

Accounting
1.2K views

The following information pertains to two competitors, Mostly Inc. and Hardly Ltd. ...