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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% 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. 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 and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Premium Paid by Employer Premium Paid % Paid by Premium Employees by Employees Total Employee Medical Insurance Payable Employee Life Insurance Payable Date Credit General Journal Debit Record journal entry for accrued payroll, including employee deductions, for July July 31

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% 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. 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 and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Premium Paid by Employer Premium Paid % Paid by Premium Employees by Employees Total Employee Medical Insurance Payable Employee Life Insurance Payable Date Credit General Journal Debit Record journal entry for accrued payroll, including employee deductions, for July July 31

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1CP
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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% 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. 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 and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Premium Paid by Employer Premium Paid % Paid by Premium Employees by Employees Total Employee Medical Insurance Payable Employee Life Insurance Payable Date Credit General Journal Debit Record journal entry for accrued payroll, including employee deductions, for July July 31
Transcribed Image Text: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% 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. 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 and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July Premium Paid by Employer Premium Paid % Paid by Premium Employees by Employees Total Employee Medical Insurance Payable Employee Life Insurance Payable Date Credit General Journal Debit Record journal entry for accrued payroll, including employee deductions, for July July 31
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