Question

Help Save! The following monthly data are taken from Ramirez Company at July 31: Sales salaries. $560,000, Office salaries. $112.000; Federal ncome taxes withheld, $168.000. State income taxes withheld, $37,500, Social security taxes withheld, $41,664 Medicare taxes withheld. $9.744: Medical insurance premiums. $13.500; Life insurance premiums, $10.500, Union dues deducted, $7,500 and Salaries subject to unemployment taxes, $63,000. 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% 182. 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 5,4% and FUTA taxes are 0.6% Complete this question by entering your answers in the tabs below Req 1 and 2 Reg 3 Reg 4 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 Total Paid by Premium Paid Premium Paid Premium Employees by Employees by Employer Employee Medical Insurance Payable Employee Life Insurance Payable Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 1T

Answer 1

	Total Premium	% paid by Employees	Premium paid by Employees	Premium paid by Employer(60%)
Employee Medical Insurance payable	13500	40%	5400	8100
Employee Life Insurance payable	10500	40%	4200	6300

Pay-roll Journal Entries for the month of July	Debit	Credit
Sales salaries	560000
Office salaries	112000
Federal Income taxes withheld		168000
State Income taxes withheld		37500
FICA -Social security payable		41664
FICA -Medicare payable		9744
Medical Insurance premiums withheld		5400
Life Insurance premiums withheld		4200
Union dues payable		7500
Salaries payable		397992
(To record /accrue July payroll with deductions)
Payroll tax expense	55188
FICA -Social security payable		41664
FICA -Medicare payable		9744
SUTA taxes payable(63000*5.4%)		3402
FUTA taxes payable(63000*0.6%)		378
(to record employer Payroll tax expense)
Employer-paid payroll expenses	14400
Medical Insurance premiums payable		8100
Life Insurance premiums payable		6300
(To record other payroll related expenses to employer)
Salaries payable	397992
Federal Income taxes withheld	168000
State Income taxes withheld	37500
FICA -Social security payable(41664+41664)	83328
FICA -Medicare payable(9744+9744)	19488
Medical Insurance premiums( withheld+Emplr.payable)	13500
Life Insurance premiums (withheld+Emplr.payable)	10500
Union dues payable	7500
SUTA taxes payable(63000*5.4%)	3402
FUTA taxes payable(63000*0.6%)	378
Cash		741588
(to record remittances of all of the above)