The following monthly data are taken from Ramirez Company at July 31 Sales salaries, $320,000, Office salaries, $64,000, Federal income taxes withheld, $96,000; State income taxes withheld, $21,500, Social security taxes withheld, $23,808, Medicare taxes withheld, $5,568, Medical insurance premiums, $7,500; Life insurance premiums, $4,500, Union dues deducted, $1,500, and Salarie subject to unemployment taxes, $51,000. 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.

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Business

Xiomara Velez

3 September, 07:37

The following monthly data are taken from Ramirez Company at July 31 Sales salaries, $320,000, Office salaries, $64,000, Federal income taxes withheld, $96,000; State income taxes withheld, $21,500, Social security taxes withheld, $23,808, Medicare taxes withheld, $5,568, Medical insurance premiums, $7,500; Life insurance premiums, $4,500, Union dues deducted, $1,500, and Salarie subject to unemployment taxes, $51,000. 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.

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Lilly · Answer 1

1 Total premium % paid by Employees Premium paid by employees Premium paid by employer Employee medical insurance payable 7500 40% 3000 4500 Employee life insurance payable 4500