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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Ricardo’s Mexican Restaurants incurred salary expense of $65,000 for 2012. The payroll expense includes employer FICA tax of 7.65%, in addition to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. Of the total salaries, $17,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,060), life insurance (cost to the company, $350), and retirement benefits (cost to the company, 7% of salary expense).
Requirement
1. Journalize Ricardo’s expenses for employee benefits and for payroll taxes. Explanations are not required.
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