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Problem 8-4A (Algo) Record payroll (LO8-3) 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. View transaction list 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.) Journal entry worksheet < 1 2 Record the employee salary expense, withholdings, and salaries payable. Date February 14 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit $1,150,000 48,300 24,150 4,600 287,500 Credit View general Journal 6.208 1.458 6.208 > Journal entry worksheet < 1 2 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date February 14 Record entry 3 Date February 14 Journal entry worksheet Note: Enter debits before credits. General Journal Record the employer payroll taxes. Record entry Clear entry General Journal Clear entry Debit Debit Credit View general Journal Credit View general Journal

Problem 8-4A (Algo) Record payroll (LO8-3) 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. View transaction list 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.) Journal entry worksheet < 1 2 Record the employee salary expense, withholdings, and salaries payable. Date February 14 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit $1,150,000 48,300 24,150 4,600 287,500 Credit View general Journal 6.208 1.458 6.208 > Journal entry worksheet < 1 2 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date February 14 Record entry 3 Date February 14 Journal entry worksheet Note: Enter debits before credits. General Journal Record the employer payroll taxes. Record entry Clear entry General Journal Clear entry Debit Debit Credit View general Journal Credit View general Journal

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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Problem 8-4A (Algo) Record payroll (LO8-3) 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. View transaction list 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.) Journal entry worksheet < 1 2 Record the employee salary expense, withholdings, and salaries payable. Date February 14 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit $1,150,000 48,300 24,150 4,600 287,500 Credit 6.208 1.45% 6.20% View general Journal Journal entry worksheet < 1 2 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date February 14 Record entry 3 Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date February 14 General Journal Record the employer payroll taxes. Record entry Clear entry General Journal Clear entry Debit Debit Credit View general Journal Credit View general Journal > >
Transcribed Image Text:Problem 8-4A (Algo) Record payroll (LO8-3) 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. View transaction list 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.) Journal entry worksheet < 1 2 Record the employee salary expense, withholdings, and salaries payable. Date February 14 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit $1,150,000 48,300 24,150 4,600 287,500 Credit 6.208 1.45% 6.20% View general Journal Journal entry worksheet < 1 2 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date February 14 Record entry 3 Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Date February 14 General Journal Record the employer payroll taxes. Record entry Clear entry General Journal Clear entry Debit Debit Credit View general Journal Credit View general Journal > >
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