During January, Luxury Cruise Lines incurs employee salaries of $1.8 million. Withholdings in January are...
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During January, Luxury Cruise Lines incurs employee salaries of $1.8 million. Withholdings in January are $137,700 for the employee portion of FICA $270,000 for federal income tax, $112,500 for state income tax, and $18,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $11,600 for federal and state unemployment tax and $54,000 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 (ie. 5 should be entered as 5,000,000))
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