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

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

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 withheld. $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 37,140 X FICA-Social sec. taxes payable 22,320 FICA-Medicare taxes payable V 5,220 State unemployment taxes payable 4,200 X Federal unemployment taxes payable v 2,400 X Employee medical insurance payable X 2,700 X Employee life insurance payable X 300 X 2 July 31 Salaries payable X 217,060 X Cash X 217,060 X 3 July 31 180,080 X

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