For the Week Ended May 16,Cheap Printing Company Had a Total

question 144

Essay

For the week ended May 16,Cheap Printing Company had a total payroll of $183,000.Three items are withheld from employee's paychecks: (1)Social Security (FICA)tax of 7.1% of payroll; (2)income taxes,which average 20% of the payroll; and (3)employees' savings that are deposited in their credit union,which are $12,020.In addition,Cheap Printing Company pays (1)Social Security tax equal to the amount withheld from employees,(2)health insurance premiums of $12,750,and (3)contributions to the employees' pension fund of $17,000.
Prepare the journal entries to record the compensation expense and the employee benefit expense.

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Definitions:

Infographics

Visual representations of information, data, or knowledge intended to present complex information quickly and clearly.

Path Of Service

A life approach or career choice focused on serving others and contributing positively to the community or society.

Volunteer

An individual who offers services or time without expecting monetary compensation, often for charitable or community purposes.

Leave Of Absence

A period of time that one must be away from one's primary job, while maintaining the status of employee.