Exercise 9-8 Recording payroll LO P2, P3

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $660,000; Office salaries, $132,000; Federal income taxes withheld, $198,000; State income taxes withheld, $44,000; Social security taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical insurance premiums, $16,000; Life insurance premiums, $13,000; Union dues deducted, $10,000; and Salaries subject to unemployment taxes, $68,000. 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%

For part 4, journal entries are 1: Record all employer's payroll expenses and liabilities for the month of July.

2: Record the employer's benefit expense. 3: Record the cash payment of all liabilities related to the July payroll.

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ork Chapter 9 Saved Req 4 Req 3 Req 1 and 2 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and payment of the net payroll for July. % Paid by Premium Paid Premium Paid Total Premium Employees by Employees $ 16,000 by Employer S 9,600 40% 6,400 Employee Medical Insurance Payable k S 7,800 $ 13,000 $ 5,200 Employee Life Insurance Payable 40% Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 Sales salaries expense Office salaries expense Federal unemployment taxes payable Employee state inc. taxes payable FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable Salaries payable 660,000 132,000 198,000 44,000 ces 49,104 11,484 16,000 13,000 10,000 382,412 Record the cash payment of salaries. July 31 Salaries payable 382,412 Cash 382,412 Req 3> Prev Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $660,000; Office income taxes withheld, $198,000; State income taxes withheld, $44,000; Social security taxes with held, withheld, $11,484; Medical insurance premiums, $16,000; Life insurance premiums, $13,000; Union dues Salaries subject to unemployment taxes, $68,000. The employee pays 40% of medical and life insuranc 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 rec 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 paym assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxa cord 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 Amount Tax Rate Subject to Tax 68,000 State Unemployment Taxes Payable Federal Unemployment Taxes Payable 5.4% 3,672 0.6% $ 68,000 408 Req 4> Prev wwww