Business, 24.04.2020 18:49, spenceraniyah1
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office 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%.
Required:
a. Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July 3.
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: 1
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Offi...
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