Ramirez Company has the following data for the weekly payroll ending January 31

Question

Ramirez Company has the following data for the weekly payroll ending January 31 Hours Hourly Federal IncomeHealth TWTFS Rate Tax Withholding Insurance 8 897112 $12 :R,Kenseth 8 9 7 7 8 414 L. Helton $34 36 58 $12 25 27 D. Tavaras 10 889 15 Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first tuzaoo r gross erring. Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings.

Explanation / Answer

Journal Entry Account Tittle Debit Credit Salaries Expense $1,883.00         Federal Income Tax Payable $144.06         FICA Tax Payable $128.00         Health Insuranec Payable $64.00         Salaries Payable $1,546.94 ( To record payroll Expense) Payroll Tax Expense $260.81         FICA Tax Payable $144.06        State Unemployment Tax Payable ($1883*5.4%) $101.68       Federal Unemployment Tax Payable ($1883*0.8%) $15.06 ( To record payroll taxes)

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