Question: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $680,000; Office salaries, $136,000; Federal income taxes withheld, $204,000; State





The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $680,000; Office salaries, $136,000; Federal income taxes withheld, $204,000; State income taxes withheld, $45,500; Social security taxes withheld, $50,592; Medicare taxes withheld, $11,832; Medical insurance premiums, $16,500; Life insurance premiums, $13,500; Union dues deducted, $10,500; and Salaries subject to unemployment taxes, $69,000. 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%. 1. & 2. 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 3. Using the above information, complete the below table. 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 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 Req3 Reg 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 Employee Medical Insurance Payable Employee Life Insurance Payable General Journal Total % Paid by Premium Paid Premium Employees by Employees Premium Paid by Employer $16.500 40% S 6.600 $ 9,900 $13.500 40% $ 5,400 $ 8,100 Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 FICA Social security taxes payable Employee medical insurance payable < Prev 3 of 5 Next > 8 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. Total % Paid by Premium Paid Premium Employees by Employees Premium Paid by Employer Employee Medical Insurance Payable Employee Life Insurance Payable $ 16,500 40% $ 6,600 $ 9,900 $ 13,500 40% $ 5,400 $ 8,100 General Journal Debit Credit Date Record joumal entry for accrued payroll, including employee deductions, for July. July 31 FICA-Social security taxes payable Employee medical insurance payable State unemployment taxes payable Federal unemployment taxes payable Salaries payable Cash Record the cash payment of salaries. July 31 RegTant Reg 3 > Req 1 and 2 Req 3 Req 41 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 View transaction list Journal entry worksheet 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 entry Clear entry View general journal 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 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 Record entry Clear entry View general journal
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