Question: Just need help with with the journal entry which is requirement 4! The following monthly data are taken from Ramirez Company at July 31 :

 Just need help with with the journal entry which is requirement
Just need help with with the journal entry which is requirement 4!

The following monthly data are taken from Ramirez Company at July 31 : Sales salaries, $400,000;0fficesalaries,$80,000; Federal income taxes withheld, $120,000; State income taxes withheld, $27,000; Social security taxes with held, $29,760; Medicare taxes withheld, $6,960; Medical insurance premiums, $9,500; Life insurance premiums, $6,500; Union dues deducted, $3,500; and Salaries subject to unemployment taxes, $55,000. 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, compiete 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 poyment 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\%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f