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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $660,000; Office salaries, $132,000; Federal income taxes withheld, $198,000; State
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $660,000; Office salaries, $132,000; Federal income taxes withheld, $198,000; State income taxes withheld, $44,000; Social security taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical insurance premiums, $16,000; Life insurance premiums, $13,000; Union dues deducted, $10,000; and Salaries subject to unemployment taxes, $68,000. 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%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 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. Date Insurance Payable Employee Medical Insurance Payable Employee Life Insurance Payable General Journal Total % Paid by Premium Employees by Employees Premium Paid Premium Paid by Employer Debit Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 Record the cash payment of salaries. July 31 Using the above information, complete the below table. Tax State Unemployment Taxes Payable Federal Unemployment Taxes Payable Amounts Subject to Tax Tax Rate Tax Amount Record the accrued employer payroll taxes and other related employment expenses and the cash paymen July payroll-assume that Federal Insurance Contributions Act (FICA) taxes are identical to those on emplo Unemployment Taxes (SUTA) are 5.4% and Federal Unemployment Taxes (FUTA) are 0.6%. View transaction list Journal entry worksheet < 1 2 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 < Req 1 and 2 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 < 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 > 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 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
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