During January, Luxury Cruise Lines incurs employee salaries of $1.9 million. Withholdings in January are...
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During January, Luxury Cruise Lines incurs employee salaries of $1.9 million. Withholdings in January are $145,350 for the employee portion of FICA, and $403,750 for employee federal and state. The company incurs an additional $117,800 for federal and state unemployment tax and $57,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a
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