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pls helo with all part. appreciate with like Exercise 11-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company
pls helo with all part. appreciate with like
Exercise 11-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000: Office salaries, $140,000; Federal income taxes withheld, $210,000; State income taxes withheld, $47.000; Social security taxes withheld, $52,080; Medicare taxes withheld $12,180; Medical Insurance premiums. $17,000; Life insurance premiums. $14,000Union dues deducted, $11,000; and Salaries subject to unemployment taxes, $70,000. 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 accrued 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%. Req 1 and 2 Reg 3 Req 4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll, incl employee deductions, and cash payment of the net payroll (salaries payable) for July. Total % Paid by Premium Paid Premium Paid Premium Employees by Employees 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 Complete this question by entering your answers in the tabs below. 1 Req 1 and 2 Reg 3 Req 4 Using the above information, complete the below table. Tax Amounts Subject to Tax State Unemployment Taxes Payable Federal Unemployment Taxes Payable Tax Rate Tax Amount Req 1 and 2 Req3 Reg 4 Record the accrued employer payroll taxes and other related employment expenses and the cash pa July payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list :X: > 1 Record all employer's payroll expenses and liabilities for the month of July. July 2 Record the employer's benefit expense. 3. Record the cash payment of all liabilities related to the July payroll. Credit Note : journal entry has been entered Prey 7 of 10 NEN Step by Step Solution
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