Question: need help correcting The following monthly data are taken from Ramirez Company at July 31: Sales salaries. $200,000; Ofce salaries, $160,000; Federal income taxes withheld,
need help correcting


The following monthly data are taken from Ramirez Company at July 31: Sales salaries. $200,000; Ofce salaries, $160,000; Federal income taxes withheld, $90,000: State income taxes withheld, $20,000; Social security taxes with held, $22,320; Medicare taxes withheld, $5,220; Medical insurance premiums. $7.000; Life insurance premiums, $4.000; Union dues deducted, $1.000; and Salaries subject to unemployment taxes. $50,000. 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 thejournal 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 employerpaid 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% 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 0.6% No Date General Journal Debit Credit 1 July 31 Payroll taxes expense V 37,140 X FICA-Social sec. taxes payable V 22,320 FICA-Medicare taxes payable 5,220 State unemployment taxes payable 2,700 Federal unemployment taxes payable v 300 Employee medical insurance payable X 4,200 x Employee life insurance payable X 2,400 X
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
