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How do you solve for both FICA Medicare and Social Security? Please include the formula I need the details! The following monthly data are taken

image text in transcribedimage text in transcribed How do you solve for both FICA Medicare and Social Security? Please include the formula I need the details!

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $320,000; Office salaries, $64,000; Federal income taxes withheld, $96,000; State income taxes withheld, $21,500; Social security taxes withheld, $23,808; Medicare taxes withheld, $5,568; Medical insurance premiums, $7,500; Life insurance premiums, $4,500; Union dues deducted, $1,500; and Salaries subject to unemployment taxes, $51,000. 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, 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 liabilities 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%. 31 FICAMedicare taxes payable FICASocial security taxes payable 2,754 306 State unemployment taxes payable Federal unemployment taxes payable Employee federal income taxes payable Employee life insurance payable Employee medical insurance payable Employee state income taxes payable Employee union dues payable 96,000 4,500 7,500 21,500 1,500 Cash

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