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Homework answers / question archive / The following monthly data are taken from Ramirez Company at July 31: Sales salaries $320,000; Office salaries $64
The following monthly data are taken from Ramirez Company at July 31: Sales salaries $320,000; Office salaries $64.000; Federal income taxes withheld, $96,000. State income taxes withheld, $21.500; Social security taxes withheld, $23.808 Medicare taxes withheld, 55,568: Medical insurance premiums $7,500; Life Insurance premiums, $4,500: Union dues deducted, 91500; and Salaties subject to unemployment taxes. $51,000. The employee pays 10% 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 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 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 54% and FUTA taxes are 0.6% Complete this question by entering your answers in the tobs below. Begin Hea R4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll and Cash payment of the not payroll for July Total Paldhy Premium Paid Prem Pald Premium Employees by Employees Employee Medical insurance Payablo Einked Insurance Payable Debit
2.
| General Journal | Debit | Credit |
| Sales salaries expense | 320000 | |
| Office salaries expense | 64000 | |
| Employee fed. inc. taxes payable | 96000 | |
| Employee state income taxes payable | 21500 | |
| FICA-Social sec. taxes payable | 23808 | |
| FICA-Medicare taxes payable | 5568 | |
| Employee Medical Insurance Payable | 3000 | |
| Employee Life Insurance Payable | 1800 | |
| Employee Union dues payable | 1500 | |
| Salaries payable | 230824 | |
| (To record accrued payroll) | ||
| Salaries payable | 230824 | |
| Cash | 230824 | |
| (To record cash payment of net payroll) |
4.
| General Journal | Debit | Credit |
| Payroll taxes expense | 32436 | |
| FICA-Social sec. taxes payable | 23808 | |
| FICA-Medicare taxes payable | 5568 | |
| State Unemployment Taxes Payable (5.4% x $51000) | 2754 | |
| Federal Unemployment Taxes Payable (0.6% x $51000) | 306 | |
| (To record accrued payroll taxes) | ||
| Employee Benefits expense | 7200 | |
| Employee Medical Insurance Payable | 4500 | |
| Employee Life Insurance Payable | 2700 | |
| (To record accrued employee benefits expense) | ||
| FICA-Social sec. taxes payable | 47616 | |
| FICA-Medicare taxes payable | 11136 | |
| Employee fed. inc. taxes payable | 96000 | |
| Employee state income taxes payable | 21500 | |
| Employee Medical Insurance Payable | 7500 | |
| Employee Life Insurance Payable | 4500 | |
| Employee Union dues payable | 1500 | |
| Federal Unemployment Taxes Payable | 306 | |
| State Unemployment Taxes Payable | 2754 | |
| Cash | 192812 | |
| (To record cash payment of all payroll liabilities) |
