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please help. i need all photos and questions answered. all goes to one question. Exercise 910 (Algo) Recording payroll LO P2, P3 The following monthly
please help. i need all photos and questions answered. all goes to one question.
Exercise 910 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $600,000; Office salaries, $120,000; Federal income taxes withheld, $180,000; State income taxes withheld, $40,000; Social security taxes withheld, $44,640; Medicare taxes withheld, $10,440; Medical insurance premiums, $14,500; Life insurance premiums, $11,500; Union dues deducted, $8,500; and Salaries subject to unemployment taxes, $65,000. 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 acerued 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\%. Complete this question by entering your answers in the tabs below. Using the above information, complete the below table and prepare the joumal entries to record accrued payroli, including employee deductions, and cash payment of the net payroll (salaries payable) for July. Complete this question by entering your answers in the tabs below. Using the above information, complete the below table. ecord the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the ly payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on employees and that State nemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. Journal entry worksheet Record all employer's payroll expenses and liabilities for the month of July. Hote: Enter debins before credits Step by Step Solution
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