During January, Luxury Cruise Lines incurs employee salaries of $1.5 million. Withholdings in January are...
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During January, Luxury Cruise Lines incurs employee salaries of $1.5 million. Withholdings in January are $114,750 for the employee portion of FICA, $225,000 for federal income tax, $93,750 for state income tax, and $15,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $93,000 for federal and state unemployment tax and $45,000 for the employer portion of health insurance.
1. Record the employee salary expense, withholdings, and salaries payable.
2.
Record the employee salary expense, withholdings, and salaries payable.
Record the employer-provided fringe benefits.
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