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I need help with these three journal entries. Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at
I need help with these three journal entries.
Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $540,000; Office salaries, $108,000; Federal income taxes withheld, $162,000; State income taxes withheld, $36,000; Social security taxes withheld, $40,176; Medicare taxes withheld, $9,396; Medical insurance premiums, $13,000; Life insurance premiums, $10,000; Union dues deducted, $7,000; and Salaries subject to unemployment taxes, $62,000. 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 Reg 3 Req 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%. View transaction list > 1 Record all employer's payroll expenses and liabilities for the month of July. July. 2 Record the employer's benefit expense. 3 Record the cash payment of all liabilities related to the July payroll. Credit Note: = journal entry has been entered Record entry Clear entry View general journalStep by Step Solution
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