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multi part question, i leave good feedback The following monthly data are taken from Ramirez Company at July 31: Sales salartes, $560,000; Office salaries, $112,000;
multi part question, i leave good feedback
The following monthly data are taken from Ramirez Company at July 31: Sales salartes, $560,000; Office salaries, $112,000; Federal Income taxes withheld, $168,000; State Income taxes withheld, $37,500, Social security taxes withheld, $41,664; Medicare taxes withheld, $9,744; Medical Insurance premlums, $13,500; Life Insurance premlums, $10,500, Union dues deducted, $7,500, and Salarles subject to unemployment taxes, $63,000. The employee pays 40 % of medical and life Insurance premlums. 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 lilabilities 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. Reg 1 and 2 Req 3 Reg 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. nces Premium Paid by Employees Total Premium % Paid by Employees Premium Paid by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 Record the cash payment of salaries July 31 Exercise 9-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $560,000, Office salaries, $112,000; Federal Income taxes withheld, $168,000; State Income taxes withheld, $37,500; Soctal security taxes withheld, $41,664, Medicare taxes withheld, $9,744, Medical Insurance premiums, $13,500; Life Insurance premlums, $10,500; Union dues deducted, $7,500; and Salaries subject to unemployment taxes, $63,000. 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 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-pald expenses and the cash payment of all liabilities assume that FICA taxes are Identical to those on employees and that SUTA taxes are 5.4 % and FUTA taxes are 0.6% record accrued payroll and cash July Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 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 Step by Step Solution
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