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please record all employees payroll expenses and liabilities for the month of July, employees benefit expenses am record cash payments of all liabilities related to
please record all employees payroll expenses and liabilities for the month of July, employees benefit expenses am record cash payments of all liabilities related to the July payroll
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000. Federal income taxes withheld. $90,000: State income taxes withheld, $20,000: Social security taxes withheld. $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums, $7.000; Life insurance premiums, $4,000: Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. 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% 18 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% Total % Paid by Premium Paid Premium Employees 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 Payroll taxes expense FICA-Social sec, taxes payable FICA-Medicare taxes payable + Record the cash payment of salaries July 31 Tax Amounts Subject to Tax Tax Rate Tax Amount State Unemployment Taxes Payable Federal Unemployment Taxes Payable Record all employer's payroll expenses and liabilities for the month of July. Note: Enter debits before credits. Date General Journal Debit Credit July 31Step by Step Solution
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