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I need help with this I have no clue how to solve it The following monthly data are taken from Ramirez Company at July 31:
I need help with this I have no clue how to solve it
The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000; office salaries, S160,000: federal income taxes withheld, S90,000 state income taxes withheld, $20,000: Social Security taxes withheld, $22,320, Medicare taxes withheld, S5.220; medical insurance premiums, S7,000: life insurance premiums, $4,000; union dues deducted, S1 ,000, and salaries subject to unemployment taxes, S50.000. The employee pays 40% of medical and life insurance premiums. Prepare journal entries to record (1) accrued payroll, including employee deductions, for July: (2) cash Exercise 9-8 Recording payrol P2 P3 payment of the net payroll (salaries payable) for July: (3) accrued employer payroll taxes, and other related employment expenses, for July-assume that FICA taxes are identical to those on employees and that SUTTA taxes are 5.4% and FUTA taxes are 0.6%; and (4) cash payment of all liabilities related to the July paymllStep by Step Solution
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