During December, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in December are $229,500 for the employee portion of FICA, $450,000 for federal income tax, and $187,500 for state income tax. The company incurs an additional $186,000 for federal and state unemployment tax. These costs and expenses will be paid in January. Required: Determine the amount of accrued payroll and benefit costs Luxury Cruise Lines will report in its December balance sheet. Note: Enter your answers in dollars, not millions (i.e., $5.5 million should be entered as $5,500,000). Accrued payroll and benefit costs

During December, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in December are $229,500 for the employee portion of FICA, $450,000 for federal income tax, and $187,500 for state income tax. The company incurs an additional $186,000 for federal and state unemployment tax. These costs and expenses will be paid in January. Required: Determine the amount of accrued payroll and benefit costs Luxury Cruise Lines will report in its December balance sheet. Note: Enter your answers in dollars, not millions (i.e., $5.5 million should be entered as $5,500,000). Accrued payroll and benefit costs

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 14QR: Trowbridge Company has just completed the processing of its year-end payroll and distributed all the...

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