During January, Luxury Cruise Lines incurs employee salaries of $2.0 million. Withholdings in January are $153,000 for the employee portion of FICA, and $425,000 for employee federal and state. The company incurs an additional $124,000 for federal and state unemployment tax and $60,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield) Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) View transaction list Journal entry worksheet < 1 2 Record the employee salary expense, withholdings, and salaries payable. Date January 31 3 Note: Enter debits before credits Record entry General Journal Note: Enter debits before credits. Date January 31 Clear entry Record the employer-provided fringe benefits. General Journal Debit Credit View general journal Debit Record the employer payroll taxes. Note: Enter debits before credits. Date January 31 General Journal Debit Cre

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.