Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 The following models are not come 100.000 500.000 incomes with 0000S come OSLO witheid $10.40 Micro SOLE SILSOO USE SOOS Sowjeto employment $55.000 Thema

image text in transcribed
image text in transcribed
image text in transcribed
3 The following models are not come 100.000 500.000 incomes with 0000S come OSLO witheid $10.40 Micro SOLE SILSOO USE SOOS Sowjeto employment $55.000 Thema em RCA tussen is een ene eSUTAFUTA 1. & 2. uur the shove information commenting employee dedictions and potent 2. Using the above incontro 4. Record the word met payroles and the the Artist SUTAFUTA Contatti question watering your answers in the them ung the water pie mandament www. EM 31 NO 2 1 0 3 1 4 5 6 7 B 3 Q 2 w E R T Y U A S D F TI G H N B N B . 3 s Command option command The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $600,000; Office salaries, $120,000; Federal income taxes withheld, $180,000; State income taxes withheld, $40,000; Social security taxes withheld, $44,640; Medicare taxes withheld, $10,440; Medical insurance premiums, $14,500; Life insurance premiums, $11,500, Union dues deducted. $8,500; and Salaries subject to unemployment taxes, $65,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Using the above information, complete the below table. Amounts Subject to Tax State Unemployment Taxes Payable Federal Unemployment Taxes Payable ty wi wwwwwww *** prywy income taxes withheld, $180,000; State income taxes withheld, $40,000; Social security taxes withheld, $44,640; Medicare taxes withheld, $10,440; Medical insurance premiums, $14,500; Life insurance premiums, $11,500; Union dues deducted, $8,500, and Salaries subject to unemployment taxes, $65,000. The employee pays 40% of medical and life insurance premiums. Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July 3. Using the above information, complete the below table, 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all kiabilities related to the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the July payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on employees and that State Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Non Specialists

Authors: Eddie McLaney, Peter Atrill

2nd Edition

0135717469, 9780135717462

More Books

Students also viewed these Accounting questions

Question

How is vacation and sick time accrued?

Answered: 1 week ago

Question

Discuss the determinants of direct financial compensation.

Answered: 1 week ago