d1 Ramirez Company has the following data for the weekly payroll ending January 31.Employee M TL. HeltonR. KensethD. Tavaras88Jan. 31988HoursW9810 8T888F1089S320Hourly Rate$121415Federal Income Tax Withholding Health Insurance$343758Debit$10Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of1.45% on all salaries and wages). Ramirez Company is subject to 5.4% state unemployment taxes and 0.6% federal unemploymenttaxes on the first $7,000 of gross earnings.25Prepare the journal entry to record Ramirez's payroll tax expense. (Credit account titles are automatically indented when amount isentered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)Date Account Titles and ExplanationCredit25

Journal entry records the accounting transactions of a business in a journal book. All the business…

Answered: Ramirez Company has the following data…

Ramirez Company has the following data for the weekly payroll ending January 31. Employee M T Hours W T FS Hourly Rate Federal Income Tax Withholding Health Insurance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Ramirez Company has the following data for the weekly payroll ending January 31.
Employee M T
L. Helton
R. Kenseth
D. Tavaras
8
8
Jan. 31
9
8
8
Hours
W
9
8
10 8
T
8
8
8
F
10
8
9
S
3
2
0
Hourly Rate
$12
14
15
Federal Income Tax Withholding Health Insurance
$34
37
58
Debit
$10
Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% (the
7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of
1.45% on all salaries and wages). Ramirez Company is subject to 5.4% state unemployment taxes and 0.6% federal unemployment
taxes on the first $7,000 of gross earnings.
25
Prepare the journal entry to record Ramirez's payroll tax expense. (Credit account titles are automatically indented when amount is
entered. Do not indent manually. Round answers to 2 decimal places, e.g. 15.25.)
Date Account Titles and Explanation
Credit
25

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