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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.
Directions: Complete the journal entries to record:
(1)Â Â accrued payroll, including employee deductions, for July;
(2)Â Â cash payment of the net payroll (salaries payable) for July;
(3)  accrued employer payroll taxes, and other related employment expenses, for July—assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%; and
(4)Â Â cash payment of all liabilities related to the July payroll.
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Posted 21 Apr 2017 12:04 AM
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