Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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. Social security taxes withheld $41.664 Medicare taxes withheld, $9,744: Medical insurance premiums. $13,500; Life Insurance premiums, $10,500, Union dues deducted $7500, 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 06% 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 (salarles 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 Habilities 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. Req 1 and 2 Rega Reg 4 Req 1 and 2 Req3 Reg 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 Federal Insurance Contributions Act (FICA) taxes are identical to those on employees and that State Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list Journal entry worksheet Record employer's payroll expenses and liabilities for the month of July. Note: Enter debits before credits Date General Journal Debit Credit eq 1 and 2 Req3 Req 4 ecord the accrued employer payroll taxes and other related employment expenses and the cash payment Lily payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on employ nemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list Journal entry worksheet 2 3 Record the employer's benefit expense. Note: Enter debits before credits. Date General Journal Debit Credit Req 1 and 2 Req3 Req 4 Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all lia July payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on employees and Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list Journal entry worksheet

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_2

Step: 3

blur-text-image_3

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

Radical Reporting Writing Better Audit Risk Compliance And Information Security Reports

Authors: Sara I. James

1st Edition

1032106042, 978-1032106045

More Books

Students also viewed these Accounting questions