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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
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%. 1&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%. Complete this question by entering your answers in the tabs below. Red 1 and 2 Req 3 Req 4 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. Date Total % Paid by Premium Employees Premium Paid by Employees Premium Pald by Employer Employee Medical Insurance Payable Employee Life Insurance Payable General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 311 Record the cash payment of salaries July 31 + Req 1 and 2 Req3 >> < Prev 2 of 11 Next Tax Amounts Subject to Tax Tax Rate Tax Amount State Unemployment Taxes Payable Federal Unemployment Taxes Payable Hint 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%. Print View transaction list erences Journal entry worksheet 1 2 3 Record all employer's payroll expenses and liabilities for the month of July. Note: Enter debits before credits. Date July 31 General Journal Debit Credit Clear entry Record entry ces Req 1 and 2 Req 3 Req 4 Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of a that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6% View transaction list Journal entry worksheet > 1 3 Record the employer's benefit expense. Note: Enter debits before credits. Date July 31 General Journal Debit Credit Record entry Clear entry View general Journal ces Journal entry worksheet < 1 2 3 Record the cash payment of all liabilities related to the July payroll. Note: Enter debits before credits. Date July 31 General Journal Debit Credit Record entry Clear entry View general Journal
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