Reference no: EM131521647
Question: Kashi Sales, L.L.C., produces healthy, whole-grain foods such as breakfast cereals, frozen dinners, and granola bars. Assume payroll for the month of January was $400,000 and the following withholdings, fringe benefits, and payroll taxes apply:
Federal and state income tax withheld $125,000
Health insurance premiums (Blue Cross) paid by employer 12,000
Contribution to retirement plan (Fidelity) paid by employer 50,000
FICA tax rate (Social Security and Medicare) 7.65%
Federal and state unemployment tax rate 6.20%
Assume that Kashi has paid none of the withholdings or payroll taxes by the end of January (record them as payables).
Required: 1. Record the employee salary expense, withholdings, and salaries payable.
2. Record the employer-provided fringe benefits.
3. Record the employer payroll taxes.
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