Could you explain how to do it?
6 1 points The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $420,000; Office salarles, $84,000; Federal Income taxes withheld, $126,000; State Income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical Insurance premiums, $10,000; Life Insurance premlums, $7,000; Unlon dues deducted, $4,000; and Salaries subject to unemployment taxes, $56,000. 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 and cash payment of the net payroll for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. Skipped eBook Complete this question by entering your answers in the tabs below. Hint Req 1 and 2 Reg 3A Req 38 and 4 Print References Using the above information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. Total % Paid by Premium Paid Premium Paid Premium Employees by Employees by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Debit Date General Journal Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 Record the cash payment of salaries. July 31 6 The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $420,000; Office salaries, $84,000; Federal Income taxes withheld, $126,000; State Income taxes withheld, $28,000; Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical Insurance premlums, $10,000; Life Insurance premlums, $7,000; Union dues deducted, $4.000; and Salaries subject to unemployment taxes, $56,000. 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%. points Skipped 1. & 2. Using the above Information, complete the below table and prepare the journal entries to record accrued payroll and cash payment of the net payroll for July. 3. Using the above Information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. eBook Complete this question by entering your answers in the tabs below. Hint Req 1 and 2 Reg 3A Req 38 and 4 Print References Tax Rate Using the above information, complete the below table. Amounts Subject Tax to Tax State Unemployment Taxes Payable Federal Unemployment Taxes Payable Tax Amount 6 1 points The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $420,000; Office salaries, $84,000; Federal Income taxes withheld, $126,000; State Income taxes withheld, $28,000: Social security taxes withheld, $31,248; Medicare taxes withheld, $7,308; Medical Insurance premiums, $10,000; Life Insurance premiums, $7,000; Union dues deducted, $4,000, and Salaries subject to unemployment taxes, $56,000. The employee pays 40% of medical and life insurance premlums. 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 and cash payment of the net payroll for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-pald expenses and the cash payment of all liabilities for July- assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% Skipped eBook Complete this question by entering your answers in the tabs below. Hint Req 1 and 2 Reg 3A Reg 38 and 4 Print Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities for July-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%. References View transaction list Journal entry worksheet Record all employer's payroll expenses and liabilities for the month of July. Note: Enter debits before credits. Date General Journal Debit Credit July 31 Pecandant Cantor View.cenarium
