Question

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000; Office salaries, $140,000: Federal income taxes withheld, $210,000; State income taxes withheld, $47000: Social security taxes withheld, $52,080; Medicare taxes withheld, $12,180; Medical insurance premlums, $17,000: Life insurance premiums, $14,000: Union dues deducted, $11,000, and Salaries subject to unemployment taxes, $70,000. 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 54% and FUTA taxes are 06%. 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 06% Complete this question by entering your answers in the tabs below Req 1 and 2 Req 3 Req 4 Using the above information, complete the b payment of the net payroll for July. I entries to record accrued payroll and cash Employee Medical Insurance Payable Employee Life Insurance Payable Debit Credit Record journal entry for accrued payroll, including employee deductions, for July 31 Next > Req 1 and 2 Req3 Req 4 information, complete the below table and Prepare the journal entries to record accrued payroll and cash Using the above payment of the net payroll for July. Employee Medical Insurance Payable Employee Life Insurance Payable Debit Credit Journal ate Record journal entry for accrued payrol, including employee deductions, for Jul July 31 Record the cash payment of salaries July 31 Req 3>

Answer 1

		Total premium T	% paid employees	premium paid by employees P	premium paid by employer T-P
	Employees Medical Insurance Payable	17000	40%	6800	10200
	Employees Life Insurance Payable	14000	40%	5600	8400
Date	General Journal	Dr	Cr
Jul-31	Sales salaries expenses	700000
	Office salaries expenses	140000
	Employee Federal Income tax payable		210000
	Employee State Income tax payable		47000
	FICA-Social security taxes payable		52080
	FICA-Medicare taxes payable		12180
	Employees Medical Insurance Payable		6800
	Employees Life Insurance Payable		5600
	Employee union dues payable		11000
	Salaries payable		495340
Jul-31	Salaries payable	495340
	Cash		495340
Req 4
Jul-31	Payroll taxes expenses	87060
	FICA-Social security taxes payable		52080
	FICA-Medicare taxes payable		12180
	Employees Medical Insurance Payable		10200
	Employees Life Insurance Payable		8400
	State Unemployment taxes payable (70000*5.4%)		3780
	Federal unemployment taxes payable (70000*.6%)		420
	Employee Federal Income tax payable	210000
	Employee State Income tax payable	47000
	FICA-Social security taxes payable	104160
	FICA-Medicare taxes payable	24360
	Employees Medical Insurance Payable	17000
	Employees Life Insurance Payable	14000
	Employee union dues payable	11000
	State Unemployment taxes payable (70000*5.4%)	3780
	Federal unemployment taxes payable (70000*.6%)	420
	Cash		431720
	(being liabilities paid)
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