Reference no: EM132563188
Arrow Systems offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the bi-weekly payroll period ending January 24th is listed below.
Wages and salaries $1,000,000
Employee contribution to voluntary retirement plan Medical insurance premiums 60,000
Dental insurance premiums 25,000
Life insurance premiums 6,000
Federal and state income taxes to be withheld FICA tax rate 7,000
Federal and state unemployment tax rate 205,000
7.65% 3.80%
Required:
Question 1. Record the employee salary expense, withholdings, and salaries payable.
Question 2. Record the employer-provided fringe benefits.
Question 3. Record the employer payroll taxes.
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