Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000; Office salaries, $76,000; Federal income taxes with held, $114,000; State income taxes withheld, $25,500; Social security taxes withheld, $28,272; Medicare taxes withheld, $6,612; Medical insurance premiums, $9,000; Life insurance premiums, $6,000; Union dues deducted, $3,000; and Salaries subject to unemployment taxes, $54,000. 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 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% Complete this question by entering your answers in the tabs below Req 1 and 2 Req 3 Req 4 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 % Paid by Premium Paid by Employer Total Premium Paid Premium Employees by Employees Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record al entry for accrued payroll, including loyee deductions, for July July 31 Sales salaries expense Office salaries expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee life insurance payable Employee medical insurance payable Employee state inc. taxes payable Employee union dues payable Salaries payable Record the cash payment of salaries. July 31 Req 3> Req 1 and 2 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Using the above information, complete the below table. Amounts Tax Tax Rate Tax Amount Subject to Tax State Unemployment Taxes Payable Federal Unemployment Taxes Payable Req 1 and 2 Req 4 Journal entry worksheet 1 2 Record all employer's payroll expenses and liabilities for the month of July Note: Enter debits before credits. General Journal Date Debit Credit July 31 Record entry View general journal Clear entry Journal entry worksheet 1 2 3 Record the employer's benefit expense. Note: Enter debits before credits. General Journal Date Debit Credit July 31 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the cash payment of all liabilities related to the July payroll Note: Enter debits before credits. Date General Journal Debit Credit July 31 Record entry Clear entry View general journal
