Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all 3 reauirements will be much appreciated! The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $640,000; Office

please answer all 3 reauirements will be much appreciated! image text in transcribed
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $640,000; Office salaries, $128,000; Federal income taxes withheld, $192,000; State income taxes withheld, $43,000; Social security taxes withheld, $47,616; Medicare taxes withheld, \$11,136; Medical insurance premiums, $15,400; Life insurance premiums, \$12,300; Union dues deducted, \$8,400; and Salaries subject to unemployment taxes, $69,000. The employee pays 40% of medical and life insurance premiums. Ramirez company at july 31 sales salaries 640,000 medical insurance premiums 15,400 Prepare the journal entry to record payroll (show Sales and office salaries separately, but you can combine the rest). Hint: employees pay 40% of the medical and insurance premiums 2. Prepare the journal entry to record payroll taxes. Assume that no employee has reached the maximum deduction for social security, and $20,000 of overall salaries are still subject to Federal and State Unemployment taxes at a rate of .6\% and 5.4% respectively. 3. Prepare the journal entry to record Employee Benefits for the company|

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting With Ready Notes

Authors: Ronald W. Hilton

1st Edition

0075619733, 978-0075619734

More Books

Students also viewed these Accounting questions

Question

discuss how a group becomes a team,

Answered: 1 week ago

Question

Show the properties and structure of allotropes of carbon.

Answered: 1 week ago