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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $460,000; Office salaries, $92, 000; Federal income taxes withheld, $138,000; State income taxes withheld, $31, 000; Social security taxes withheld, $34, 224; Medicare taxes withheld, $8,004; Medical insurance premiums, $11, 000; Life insurance premiums, $8,000; Union dues deducted, $5,000; and Salaries subject to unemployment taxes, $58,000. 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 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.

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $460,000; Office salaries, $92, 000; Federal income taxes withheld, $138,000; State income taxes withheld, $31, 000; Social security taxes withheld, $34, 224; Medicare taxes withheld, $8,004; Medical insurance premiums, $11, 000; Life insurance premiums, $8,000; Union dues deducted, $5,000; and Salaries subject to unemployment taxes, $58,000. 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 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.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $460, 000; Office salaries, $92, 000; Federal income taxes withheld, $138,000; State income taxes withheld, $31,000; Social security taxes withheld, $34, 224; Medicare taxes withheld, $8,004; Medical insurance premiums, $11,000; Life insurance premiums, $8,000; Union dues deducted, $5,000; and Salaries subject to unemployment taxes, $58,000. 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 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.
Transcribed Image Text:The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $460, 000; Office salaries, $92, 000; Federal income taxes withheld, $138,000; State income taxes withheld, $31,000; Social security taxes withheld, $34, 224; Medicare taxes withheld, $8,004; Medical insurance premiums, $11,000; Life insurance premiums, $8,000; Union dues deducted, $5,000; and Salaries subject to unemployment taxes, $58,000. 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 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.
Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 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. Employee Medical Insurance Payable Employee Life Insurance Payable Record the cash payment of salaries. July 31 Total Premium Debit Date General Journal Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 % Paid by Employees Req 1 and 2 Premium Paid by Employees Req 3 > Premium Paid by Employer
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 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. Employee Medical Insurance Payable Employee Life Insurance Payable Record the cash payment of salaries. July 31 Total Premium Debit Date General Journal Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 % Paid by Employees Req 1 and 2 Premium Paid by Employees Req 3 > Premium Paid by Employer
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