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The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $600,000; Office salaries, $120,000; Federal Income taxes withheld, $180,000; State Income
The following monthly data are taken from Ramirez Company at July 31: Sales salarles, $600,000; Office salaries, $120,000; Federal Income taxes withheld, $180,000; State Income taxes withheld, $40,000; Social security taxes withheld, $44,640; Medicare taxes withheld, $10,440; Medical Insurance premiums, $14,500; Life Insurance premiums, $11,500; Union dues deducted, $8,500; and Salarles subject to unemployment taxes, $65,000. The employee pays 40% of medical and life Insurance premlums. 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%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 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 0.5%. View transaction list Journal entry worksheet Record the employer's benefit expense. Note: Enter debits before credits. Date Debit Credit July 31 General Journal Employee medical insurance payable Employee life insurance payable 5.800 4.600 Record entry Clear entry View general journal Journal entry worksheet
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