Question

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 those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%.

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 5.4% and FUTA taxes are 0.6%

For part 4, journal entries are 1: Record all employer's payroll expenses and liabilities for the month of July.

2: Record the employer's benefit expense. 3: Record the cash payment of all liabilities related to the July payroll.

not sure if my current answers are right

ork Chapter 9 Saved Req 4 Req 3 Req 1 and 2 Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and payment of the net payroll for July. % Paid by Premium Paid Premium Paid Total Premium Employees by Employees $ 16,000 by Employer S 9,600 40% 6,400 Employee Medical Insurance Payable k S 7,800 $ 13,000 $ 5,200 Employee Life Insurance Payable 40% Date General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July July 31 Sales salaries expense Office salaries expense Federal unemployment taxes payable Employee state inc. taxes payable FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable Salaries payable 660,000 132,000 198,000 44,000 ces 49,104 11,484 16,000 13,000 10,000 382,412 Record the cash payment of salaries. July 31 Salaries payable 382,412 Cash 382,412 Req 3> Prev 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 income taxes withheld, $198,000; State income taxes withheld, $44,000; Social security taxes with held, withheld, $11,484; Medical insurance premiums, $16,000; Life insurance premiums, $13,000; Union dues Salaries subject to unemployment taxes, $68,000. The employee pays 40% of medical and life insuranc taxes are identical to those on employees and that SUTA taxes are 5.4 % and FUTA taxes are 0.6% 1. & 2. Using the above information, complete the below table and Prepare the journal entries to rec 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 paym assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxa cord 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 below table. Amounts Tax Tax Amount Tax Rate Subject to Tax 68,000 State Unemployment Taxes Payable Federal Unemployment Taxes Payable 5.4% 3,672 0.6% $ 68,000 408 Req 4>

Answer 1

Ques 1
Particulars	total	% paid by	premium paid	premium paid
	premium	employees	by employees	by employer
Employee medical insurance payable	16000	40%	6400	9600
Employee life insurance payable	13000	40%	5200	7800
Ques 2
Accounts	Debit	Credit
Sales salaries expenses	660000
Office salaries expenses	132000
Social security taxes payable		49104
medicare tax payable		11484
employee federal income taxes payable		198000
employee sate inc. tax payable		44000
employee med. Ins. Payable		6400
employee life ins. Payable		5200
employee union dues payable		10000
salaries payable		467812
Salaries payable	467812
cash		467812
Ques 3
	Amounts subject	tax	tax
Tax	to tax	rate	amount
SUTA	68000	5.40%	3672
FUTA	68000	0.60%	408
Ques 4
Accounts	Debit	Credit
Payroll tax expense	64668
FICA-Social security taxes payable		49104
FICA-Medicare taxes payable		11484
SUTA Pyable		3672
FUTA payable		408
Employee benefits expense	17400
Employee medical insurance payable		9600
employee life insurance payable		7800
Social security taxes payable	98208
medicare tax payable	22968
employee federal income taxes payable	198000
employee sate inc. tax payable	44000
employee med. Ins. Payable	16000
employee life ins. Payable	13000
employee union dues payable	10000
SUTA Pyable	3672
FUTA payable	408
cash		406256