(Answered) Problem - data for payroll problem1 gross payroll is

Accounting

Problem - Data for Payroll Problem

1. Gross payroll is $2,000,000

2. Federal withholding is $400,000

3. State withholding is $53,000

4. Social Security Taxes are withheld at 6.2%

5. Medical taxes are withheld at 1.45%

6. The company's medical insurance premium is $42,000. The employee pays 20%.

7. The company's life insurance premium is $9,000. The employee pay 20%.

8. The company has a 401K plan. This period's employee contribution is $84,000.

9. The company matches the 401K contribution dollar for dollar.

10. The federal unemployment rate is .6%

11. The state unemployment rate is 5.4%

Required:

1. Prepare the journal entry to record payroll.

2. Prepare the journal entry to record the employer's payroll taxes.

3. Prepare the journal entry to record fringe benefits.

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