EA16. LO 12.5 An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employee's total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February. Solution What would be the employee's total benefits responsibility?

EA16. LO 12.5 An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employee's total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February. Solution What would be the employee's total benefits responsibility?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

on 4 An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer's payroll taxes and otl expenses? Debit Crédit $535.50 $420.00 FICA Expenses Federal Unemployment Expense State Unemployment $378.00 Expense FICA Payable Federal Unemployment Expense State Unemployment Expense $535.50 $420.00 $378.00 Debit Credit FICA Expenses Federal Unemployment $535.50 $420.00 Expense State Unemployment Expense $378.00 Cash $1,333.50 Debit Credit FICA Payable Federal Unemployment $535.50 $420.00 Expense State Unemployment Payable FICA Expenses Federal Unemployment Expense State Unemployment Expense $378.00 $535.50 $420.00 $378.00 MacBook Air
1.The following information is applicable to a weekly paid employee for JQ Ltd Normal working week (5 days) 40hoursNumber of hours worked 45 hours normal remuneration rate R5 Overtime rate R7 Pension Fund (based on remuneration) Employer’s contribution 5%Employee contribution 2%Medial Aid Fund R50 PAYE (based on taxable income) R10%UIF R10 1.1)Calculate employee net salary for the week
Y.19.
Vacation Pay and Pension Benefits Harvey Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $47,800 for the period. The pension formula indicated a pension cost of $345,220. Only $299,500 was contributed to the pension plan administrator. Required: a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. 8 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. 18
An employee has weekly earnings of $750.00. What is their Canada Pension Plan contribution? O $34.44 O $35.08 O $38.91 O $42.75 Previous Next Mark
22
Question 23: Identify the contribution limit for each item. First Social Security wage base $142,800 DROP HERE 2021 Social Security wage base S6,000 DROP HERE 2021 annual contribution to 401(k) and 403(b) plans $3,000 DROP HERE 2021 Payroll Deduction IRA (employees under age 50) $19,500 DROP HERE
What is the taxable compensation income of an employee who received the following: Gross compensation income, before P44,000 Contribution to SSS, PHIC and HDMF... Additional compensation income.. 13h month pay and other benefits. ..P1,068,000 45,000 89,000
Compute the net pay for each employee and answer the additional requirements that follow: Deductions Employee Basic Pay SSS Philhealth Withholding Tax Ericka Bilango 40,300.00 581.30 550.00 100.00 P 3,933.84 Alani Ching 37,600.00 581.30 517.00 100.00 3,267.09 Audrey Tan 35,500.00 581.30 488.13 100.00 2,749.31 1. How much is the total Salaries Expense? 2. How much is the total payroll deductions? 3. How much is the total credit to Cash upon payment of salaries? Is this the same as the take-home pay? Pag-IBIG
Martin Services Company provides their employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $39,500 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $750,000 during the period. Hide a. Provide the journal entry for the vacation pay. Hide b. Provide the journal entry for the pension benefit.
Q19
Am.102.