During January, Deluxe Printing pays employee salaries of $1 million. Withholdings in January are $76,500 for the employee portion of FICA, $210,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross). The company incurs an additional $38,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance.         Required:1., 2. & 3. Record the following transactions for Deluxe Printing. (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.)

During January, Luxury Cruise Lines incurs employee salaries of $1.1 million. Withholdings in January are $84,150 for the employee portion of FICA, and $233,750 for employee federal and state. The company incurs an additional $68,200 for federal and state unemployment tax and $33,000 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).)

The payroll related information for Smart Packers is provided below. The company has a total payroll for the month of January of $100,000 for its 30 employees. Use the information provided to answer the following questions. (Assume that none of the employees earn more than $7,000 in January.) Federal and state income tax withheld $20,000Health insurance premiums paid by employer $10,000Contribution to retirement plan paid by employer $15,000FICA tax rate (Social Security and Medicare) 7.65%Federal and state unemployment tax rate 6.20%Knowledge Check 01What is the amount of fringe benefits for the month?Multiple Choice$25,000$15,000$20,000$10,000

Mike Samson is a college football coach making a base salary of $644,400 a year ($53,700 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $142,800.  1. Compute how much will be withheld during the year for Coach Samson’s Social Security and Medicare. (Round your final answers to 2 decimal places.)      2. What matching amount will the employer need to contribute? (Round your final answer to 2 decimal places.)

West Industries has a gross payroll of $18,000. Employees' share of FICA taxes is $1,377 (i.e., 7.65% of gross payroll). Employees' federal and state withholding are $1,600 and $950, respectively. West Industries' share of FICA taxes is also $1,377. In addition, West Industries incurs federal unemployment taxes of $110 and state unemployment taxes of  $925. Compute West Industries' net payroll.

Main Street Bakery offers its employees the option of contributing up to 7% 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 $1,200,000Employee contribution to voluntary retirement plan 50,400Medical insurance premiums paid by employer 25,200Life insurance premiums paid by employer 4,800Federal and state income tax withheld 300,000Social Security tax rate 6.20%Medicare tax rate 1.45%Federal and state unemployment tax rate 6.20% 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 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.)