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Record the employer-provided fringe benefits

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Reference no: EM132563188

Arrow Systems offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the bi-weekly payroll period ending January 24th is listed below.

Wages and salaries                                                                                   $1,000,000

Employee contribution to voluntary retirement plan Medical insurance premiums      60,000

Dental insurance premiums                                                                              25,000

Life insurance premiums                                                                                 6,000

Federal and state income taxes to be withheld FICA tax rate                               7,000

Federal and state unemployment tax rate                                                         205,000

7.65% 3.80%

Required:

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

Question 2. Record the employer-provided fringe benefits.

Question 3. Record the employer payroll taxes.

Reference no: EM132563188

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