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
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 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77ff2a96-543b-4770-bd8f-7777014afad2%2F1aeb3456-8807-4fd2-904e-f3173b3d66b4%2Fj880ou6_processed.png&w=3840&q=75)
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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