Reference no: EM13956372
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.
Prepare journal entries to record: (1) accrued payroll, including employee deductions, for July ; (2) 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) cash payment of all liabilities related to the July payroll.
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