The following monthly data are taken from Ramirez Company at July 31 Sales salaries, $500,000. Office salaries, $100.000; Federal income taxes withheld, $150,000; State income taxes withheld, $33,500: Social security taxes withheld, $37,200, Medicare taxes withheld, $8,700; Medical insurance premiums, $12,000, Life insurance premiums, $9,000. Union dues deducted $6.000, and Salaries subject to unemployment taxes, $60,000. 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 abilities related to the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 54% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below. Reg 1 and 2 Req3 Reg 4 Total 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 96 Paid by Premium Paid Premium Paid Premium Employees by Employees by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Debit Credit Date General Journal Record journal entry for accrued payroll, including employee deductions for July July 31 Record the cash payment of salaries July 31 Next > The following monthly data are taken from Ramirez Company at July 31 Sales salaries. $500,000. Office salaries $100.000, Federal income taxes withheld, $150,000, State income taxes withheld, $33,500, Social Security taxes withheld, $37200; Medicare taxes withheld, $8,700; Medical insurance premiums, $12.000; Life insurance premiums $9.000; Union dues deducted $6,000, and Salaries subject to unemployment taxes, $60,000. The employee pays 40% of medical and life insurance premiums. Assume that RCA 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 tobie 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all abilities related to the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 54% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Tax Rate Tak Amount Using the above information, complete the below table. Tax Amounts Subject to Tax State Unemployment Taxes Payable Federal Unemployment Tees Payable Reg 4 > Reg 1 and 2 unswers in the tabs below. Req 1 and 2 Req3 Req 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 2 3 1 Record all employer's payroll expenses and liabilities for the month of July. Note: Enter debits before credits Debit Credit Date General Journal July 31 View general journal Clear entry Record entry 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 the cash payment of all liabilities related to the July payroll. Note: Enter debits before credits Debit Credit Date General Journal July 31 View general journal Clear entry Record entry Next >
