Homework Answers
Answer) debit to Salaries Payable for $17881
Explanation:
Gross Salary - CPP withheld - Employee income taxes withheld - Medical insurance deductions - EI Withheld - Union dues withheld
= 26850 - 1330 - 5785 - 930 - 478 - 446
= 17881
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Exercise 9-8 Recording payroll LO P2, P3
The following monthly
data are taken from Ramirez Company at July 31: Sales salaries,
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taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical
insurance premiums, $16,000; Life insurance premiums, $13,000;
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premiums. Assume that FICA taxes are identical to...
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Exercise 9-8 Recording payroll LO P2, P3
The following monthly
data are taken from Ramirez Company at July 31: Sales salaries,
$660,000; Office salaries, $132,000; Federal income taxes withheld,
$198,000; State income taxes withheld, $44,000; Social security
taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical
insurance premiums, $16,000; Life insurance premiums, $13,000;
Union dues deducted, $10,000; and Salaries subject to unemployment
taxes, $68,000. The employee pays 40% of medical and life insurance
premiums. Assume that FICA taxes are identical to...
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