Hal's Heavenly Creations offers its employees the option of contributing up to of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 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 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:
Record the employee salary expense, withholdings, and salaries payable.
Record the employerprovided fringe benefits.
Record the employer payroll taxes.
Record the necessary entry for the scenarios given above. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.
