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Hal's Heavenly Creations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance preniuns paid by employer Federal and state income tax withheld Social Security tax rate Medicare 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 employer payroll taxes. $1,150,000 48,100 24,150 4,000 287,500 6.20% 1.43% 6.20%

Hal's Heavenly Creations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance preniuns paid by employer Federal and state income tax withheld Social Security tax rate Medicare 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 employer payroll taxes. $1,150,000 48,100 24,150 4,000 287,500 6.20% 1.43% 6.20%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hal's Heavenly Creations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld Social Security tax rate Medicare 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 employer payroll taxes. Note: Enter debits before credits. Date February 14 Record the employer-provided fringe benefits. Date February 14 ........... Note: Enter debits before credits. < 1 Journal entry worksheet General Journal 2 3 General Journal Note: Enter debits before credits. Date February 14 Debit Record the employee salary expense, withholdings, and salaries payable. General Journal Debit Dabit Credit Credit Credit $1,150,000 48,300 24,150 4,000 287,500 6.20% 1.45% 6.20%
Transcribed Image Text:Hal's Heavenly Creations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld Social Security tax rate Medicare 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 employer payroll taxes. Note: Enter debits before credits. Date February 14 Record the employer-provided fringe benefits. Date February 14 ........... Note: Enter debits before credits. < 1 Journal entry worksheet General Journal 2 3 General Journal Note: Enter debits before credits. Date February 14 Debit Record the employee salary expense, withholdings, and salaries payable. General Journal Debit Dabit Credit Credit Credit $1,150,000 48,300 24,150 4,000 287,500 6.20% 1.45% 6.20%
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