Business, 06.05.2021 19:30 zoebtharpe
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $620,000; Office salaries, $124,000; Federal income taxes withheld, $186,000; State income taxes withheld, $41,500; Social security taxes withheld, $46,128; Medicare taxes withheld, $10,788; Medical insurance premiums, $15,000; Life insurance premiums, $12,000; Union dues deducted, $9,000; and Salaries subject to unemployment taxes, $66,000. 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%.
Required:
a. Using the above information, Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July.
b. 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%
Answers: 2
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $620,000; Offi...
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