Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following monthly data are taken from Ramirez Company at July 31: Sales salaries. $640,000: Office salaries, $128,000; Federal income taxes withheld, $192,000; State income
The following monthly data are taken from Ramirez Company at July 31: Sales salaries. $640,000: Office salaries, $128,000; Federal income taxes withheld, $192,000; State income taxes withheld, $43,000, Social security taxes withheld, $47,616; Medicare taxes withheld, $11,136; Medical insurance premiums, $15,500; Life insurance premiums, $12,500; Union dues deducted, $9,500; and Salaries subject to unemployment taxes, $67.000. 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% 182. 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. Reg 1 and 2 Req 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 Total Premium Pald by Premium Paid Employees by Employees Premium Paid by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 Record the cash payment of salaries July 31 Ree 1 and 2 Reg 3 > Complete this question by entering your answers in the tabs below. Re 1 and 2 Req3 Req4 Using the above information, complete the below table. Tax Amounts Subject to Tax Tax Rate Tax Amount State Unemployment Taxes Payable Federal Unemployment Taxes Payable Req 1 and 2 Reg 4 > Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 Roy 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 $ 49 and FUTA taxes are 0.6% View transaction list Journal entry worksheet 1 2 3 Record all employer's payroll expenses and liabilities for the month of July Note: Enter debits before credits General Journal Debit Credit Date July 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started