The following monthly data are taken from Ramirez Company at July 31: Sales sala
ID: 2418824 • Letter: T
Question
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $580,000; Office salaries, $116,000; Federal income taxes withheld, $174,000; State income taxes withheld, $39,000; Social security taxes withheld, $43,152; Medicare taxes withheld, $10,092; Medical insurance premiums, $14,000; Life insurance premiums, $11,000; Union dues deducted, $8,000; and Salaries subject to unemployment taxes, $64,000. The employee pays forty percent of medical and life insurance premiums.
Using the above information, complete the below table.
Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July.
Using the above information, complete the below table.
Record the accrued employer payroll taxes and 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%
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $580,000; Office salaries, $116,000; Federal income taxes withheld, $174,000; State income taxes withheld, $39,000; Social security taxes withheld, $43,152; Medicare taxes withheld, $10,092; Medical insurance premiums, $14,000; Life insurance premiums, $11,000; Union dues deducted, $8,000; and Salaries subject to unemployment taxes, $64,000. The employee pays forty percent of medical and life insurance premiums.
Explanation / Answer
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Total Premium % Paid by Employees Premium Paid by Employees Premium Paid by Employer [a] [b] [c=a*b] [d = a-c] Employee Medical Insurance Payable 14000 40% 5600 8400 Employee Life Insurance Payable 11000 40% 4400 6600Related Questions
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