Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31- Sales salaries, $580,000, Office salaries, $116,000; Federal income taxes withheld. $174.000, State income taxes withheld $39.000Social security taxes withheld, 543,152: Medicare taves withheld, $10,092. Medical Insurance premiums, $14.000; Life insurance premiums, $11.000: Union dues deducted $8.000and Salaries subject to unemployment taxes. $64,000. 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 paid expenses and the cash payment of all abilities for Ally assume that FICA taves are identical to those on employees and that SUFA taxes ate 5.4% and FUTA taxes are 06% 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 Employee Medical Insurance Payable Employee Lite Insurance Payable Total % Paid by Premium Paid Premium Paid Premium Employees by Employees by Employer $ 14000 40% $ 5,600 $ 8,400 $ 11,000 40% 5 4,400 $ 6,600 7:18 Date General Journal Debit Credit Record journal entry for accrued payroll including employee deductions, for July July 31 Sales salaries expense 580,000 Toffice salaries expense 116,000 FICA_Social sec taxes payable 43, 152 FICA-Medicare taxes payable 10,092 Employee state inc taxes payable 30,000 Employee medical insurance payable 8,000 Employee life wance payable 3,900 Eriployee union dues payable 8,000 Employee fed inc taxes payable 174000 Salanes payable Record the cash payment of salanes July 31 Salarios payable Cash 1. & 2. Using the above information, complete the below table and prepare the journal entries to record accrued pa 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-paid expenses and the cash payment of all liab 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. Req 1 and 2 Req3 Reg 4 Using the above information, complete the below table, Tax Amounts Subject to Tax Tax Rate Tax Amount State Unemployment Taxes Payable Federal Unemployment Taxes Payable 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 43,152 Payroll taxes expenso FICA Social soc taxes payable FICA Medicare taxes payable Federal unemployment taxes payable 10.092 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 21 03:55:39 Record the employer's benefit expense BOOK Print Note Enter debits before credits References Dat Debit Credit July 31 General Journal Employee benefits expense Employee benefits plan payable Record entry Clear entry View general Journal 3 Record the cash payment of all liabilities related to the July payroll Note: Enter debits before credits. Debit Credit Date SOOM July 31 86,304 20,184 Paint 348,000 General Journal FICA-Social sec taxes payable FICA-Medicate taxes payable Employee fed inc taxes payable Employee state in taxes payablo Employee medical insurance payable Employee Weinmurance payable Employee union dues payable Federal unemployment taxes payable Employee bonus expense Cash Record entry Clear entry View general Journal