During january, luxury cruise lines incurs employee salaries of $1.1 million. withholdings in january are $84,150 for the employee portion of fica, $165,000 for federal income tax, $68,750 for state income tax, and $11,000 for the employee portion of health insurance (payable to blue cross blue shield). the company incurs an additional $68,200 for federal and state unemployment tax and $33,000 for the employer portion of health insurance. record the necessary entries in the journal entry

Explanation:

The journal entries are shown below:

1. Salary expense A/c Dr $1,100,000

             To income tax payable A/c $233,750

             To FICA Tax payable A/c    $84,150

             To Accounts payable A/c    $11,000

             To Salaries payable A/c       $771,100

(Being the expenses and Withholding are recorded and the remaining balance is credited to salary payable account)

2. Salary expense A/c Dr $33,000

         To Accounts payable A/c    $33,000

(Being the employer portion of health insurance is recorded)

3. Payroll tax expense A/c Dr $152,350

      To FICA Tax payable A/c    $84,150

      To Unemployment tax payable A/c $68,200

(Being payroll tax expense is recorded)

typically a loft will include modern kitchen and bathrooms, this increases the price tag. lofts also have a good amount of open space, this requires more heating and electricity. lofts are also in older buildings, this means that maintaining the location increases the bill. keep in mind this is without talking about the high state and property taxes.

i hope this you! : )