Record the employee salary expense

Assignment Help Finance Basics

Reference no: EM131521589

Question: During January, Luxury Cruise Lines pays employee salaries of $2 million. Withholdings in January are $153,000 for the employee portion of FICA, $300,000 for federal income tax, $125,000 for state income tax, and $20,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $124,000 for federal and state unemployment tax and $60,000 for the employer portion of health insurance.

Required: 1. Record the employee salary expense, withholdings, and salaries payable.

2. Record the employer-provided fringe benefits.

3. Record the employer payroll taxes.

Reference no: EM131521589

Questions Cloud

What is the current value of operations : After Year 2 FCF will grow at a constant rate of 3%. If Lakeland's WACC is 9%, what is the current value of operations?

Record salaries expense and payroll tax expense : Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS's fiscal year.

Is there any way to come to a win-win situation here explain : Frank Oldburr is the oldest employee at Discrimina, Inc. What is Discrimina Inc.'s legal responsibility to provide health insurance to employees

What specific skills are needed for the job or career field : What specific skills are needed for the job or career field of your choice? Your response to this question should be based on research.

Record the employee salary expense : During January, Luxury Cruise Lines pays employee salaries of $2 million. Withholdings in January are $153,000 for the employee portion of FICA, $300,000.

Discuss the values and behaviors of the founder : Discuss the values and behaviors of the founder. How have those values and behaviors become embedded within the organization culture

Identify the ethical issues faced by the organization : Identify the ethical issues faced by the organization, summarize the legal and regulatory issues faced by the organization.

Compute the total salary expense : Aspen Ski Resorts has 100 employees, each working 40 hours per week and earning $10 an hour. Although the company does not pay any health or retirement.

Record the advance collection for itunes gift cards : Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments.

User Account

All Pages