During January, a company incurs employee salaries of $2.6 million. Withholdings in January are $198,900...
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Accounting
During January, a company incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, $390,000 for federal income tax, $162,500 for state income tax, and $26,000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 for the employer portion of health insurance.
Required:
1.-3. Record the necessary entries in the Journal Entry Worksheet below. (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 (i.e. 5 should be entered as 5,000,000).)
- Record the employee salary expense, withholdings, and salaries payable.
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- Record the employer-provided fringe benefits.
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- ecord the employer payroll taxes.
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