Exercise 11-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000; Office salaries, $140,000; Federal Income taxes withheld, $210,000: State income taxes withheld, $47.000: Social security taxes withheld, $52,080: Medicare taxes withheld, $12,180; Medical insurance premiums, $17,000; Life insurance premiums. $14.000: Union dues cleducted, $11.000, and Salaries subject to unemployment taxes, $70,000. The employee pays 40% of medical and ife 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 abilities 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% X Answer is not complete. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Req 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% No Date General Journal Debit Credit 1 July 31 Payroll taxes expense 111,260 FICA-Social security taxes payable 52.080 FICA-Medicare taxes payable 12.180 State unemployment taxes payable 47.000 >>> 2 July 31 Employee federal income taxes payable Employee life insurance payable 6,800X State unemployment taxes payable 47,000 2 July 31 Employee federal income taxes payable Employee life insurance payable Employee medical insurance payable 6.800 X 5,800 X 3 3 July 31 Employee federal income taxes payable Employee state income taxes payable FICA-Social security taxes payable FICA--Medicare taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable State unemployment taxes payable Federal unemployment taxes payable Cash 210,000 47,000 52,080X 12.180 17.000 14.000 11,000 210,000
