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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000; Office salaries, $140,000; Federal ncome taxes withheld, $210,000; State income taxes withheld, $47,000; Social security taxes withheld, $52,080; Medicare taxes withheld, $12,180; Medical insurance premiums, $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 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, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.5%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. Total Premium % Paid by Employees Premium Paid Premium Pald by Employees by Employer

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000; Office salaries, $140,000; Federal ncome taxes withheld, $210,000; State income taxes withheld, $47,000; Social security taxes withheld, $52,080; Medicare taxes withheld, $12,180; Medical insurance premiums, $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 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, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the July payroll-assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.5%. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. Total Premium % Paid by Employees Premium Paid Premium Pald by Employees by Employer

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 6SEB: SUTA taxes on July 31, 20--. WORKERS COMPENSATION INSURANCE AND ADJUSTMENT Columbia Industries...
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Exercise 9-10 (Algo) Recording payroll LO P2, P3 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, $47,000; Social security taxes withheld, $52,080; Medicare taxes withheld, $12,180; Medical insurance premiums, $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 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, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the July payroll-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 Req 3 Req 4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. Date Employee Medical Insurance Payable Employee Life Insurance Payable Total % Paid by Premium Pald Premium Employees by Employees $ 17,000 Premium Pald by Employer $ 14,000 40% $ 40% S 6,800 $ 10,200 5,600 S 8,400 General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 Sales salaries expense Office salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Employee state income taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable Salaries payable Record the cash payment of salaries. July 31 Salaries payable Cash 700,000 140,000 52,080 12,180 210,000 47,000 5,600 6,800 11,000 <Raq 1 and 2 Req 3 >
Transcribed Image Text:Exercise 9-10 (Algo) Recording payroll LO P2, P3 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, $47,000; Social security taxes withheld, $52,080; Medicare taxes withheld, $12,180; Medical insurance premiums, $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 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, including employee deductions, and cash payment of the net payroll (salaries payable) for July. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to the July payroll-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 Req 3 Req 4 Using the above information, complete the below table and prepare the journal entries to record accrued payroll, including employee deductions, and cash payment of the net payroll (salaries payable) for July. Date Employee Medical Insurance Payable Employee Life Insurance Payable Total % Paid by Premium Pald Premium Employees by Employees $ 17,000 Premium Pald by Employer $ 14,000 40% $ 40% S 6,800 $ 10,200 5,600 S 8,400 General Journal Debit Credit Record journal entry for accrued payroll, including employee deductions, for July. July 31 Sales salaries expense Office salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Employee state income taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable Salaries payable Record the cash payment of salaries. July 31 Salaries payable Cash 700,000 140,000 52,080 12,180 210,000 47,000 5,600 6,800 11,000 <Raq 1 and 2 Req 3 >
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