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, $440,000; Office salaries, $88,000 : Federal income taxes withheld, $132,000; State

image text in transcribed
image text in transcribed
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $440,000; Office salaries, $88,000 : Federal income taxes withheld, $132,000; State income taxes withheld, $29,500 : Social security taxes withheld, $32,736; Medicare taxes witheld, \$7,656; Medical insurance premiums, $10,500; Life insurance premiums, $7,500; Union dues deducted, $4,500; and Salaries subject to unemployment taxes, $57,000. 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\%. Complete this question by entering your answers in the tabs below. Using the above information, complete the below table and prepare the joumal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. Using the above information, complete the below table and prepare the joumal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July

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

Monitoring And Auditing Practices For Effective Compliance

Authors: John E. Steiner

2nd Edition

0977843017, 978-0977843015

More Books

Students also viewed these Accounting questions