Emily Turnbull, president of Yoga Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries. Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 $1,650,000 82,500 33,000 11,550 5,775 354,750 7.65% 6.20% Record the employer-provided fringe benefits. >
Emily Turnbull, president of Yoga Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries. Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 $1,650,000 82,500 33,000 11,550 5,775 354,750 7.65% 6.20% Record the employer-provided fringe benefits. >
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EB: In EB13, you prepared the journal entries for Janet Evanovich, an employee of Marc Associates. You...
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Transcribed Image Text:Emily Turnbull, president of Yoga Equipment Corporation, is concerned about her employees' well-being. The company offers its
employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up
to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the
biweekly payroll period ending January 24 is listed below.
Wages and salaries
Employee contribution to voluntary retirement plan
Medical insurance premiums paid by employer
Dental insurance premiums paid by employer
Life insurance premiums paid by employer
Federal and state income tax withheld
FICA tax rate
Federal and state unemployment tax rate
Required:
1. Record the employee salary expense, withholdings, and salaries payable.
2. Record the employer-provided fringe benefits.
3. Record the employer payroll taxes.
Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
< 1 2
3
$1,650,000
82,500
33,000
11,550
5,775
354,750
7.65%
6.20%
Record the employer-provided fringe benefits.
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