The following monthly data are taken from Ramirez Company at July 3t Sales salar

Question

The following monthly data are taken from Ramirez Company at July 3t Sales salaries, $320,000, Office salaries, $64,000, Federal income taxes withheld, $96,000; State income taxes withheld, $21,500, Social security taxes withheld, $23,808, Medicare taxes withheld, $5,568, Medical insurance premiums, $7,500 Life insurance premiums. $4,500: Union dues deducted, $1,500, and Salaries subject to unemployment taxes, $51,000. 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 06% 1. & 2 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 06% Complete this question by entering your answers in the tabs below Req 1 and 2 Re Req 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 s.4% and FUTA taxes are 0.6% View transaction list Journal entry worksheet Prev 10, 11EE Next

Explanation / Answer

Payroll taxes expense 44436          FICA-social sec. taxes payable 23808          FICA-medicare taxes payable 5568          State unemployment taxes payable 2754          Federal unemployment taxes payable 306          Employee medical insurance payable 7500          Employee life insurance payable 4500 FICA-social sec. taxes payable 23808 FICA-medicare taxes payable 5568 Employee fed. income taxes payable 96000 Employee state income taxes payable 21500 Employee medical insurance payable 7500 Employee life insurance payable 4500 Employee union dues payable 1500 State unemployment taxes payable 2754 Federal unemployment taxes payable 306           Cash 163436

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