- Search the web Help Seve& Exit 09 Homework 6 5 Exercise 9-8 Recording payroll

Question

- Search the web Help Seve& Exit 09 Homework 6 5 Exercise 9-8 Recording payroll LO P2, P3 The tollowing monthly data are taken from Ramrez Company at July 31 Sales salaries, $680,000, Office salaries, $136,000, Federal income taxes withheld, $204,000, State income taxes wheld $45,500, Social security taves withheld, $50,592. Medicare taxes withheld, $11,832 Medical insurance premums, S16,500, Life insurance premiums, $13,500, Union dues deducted, $10,500, and Salanes subject 10 unenloyment taxes, $69.000 The employee pays 40% of medical and life insurance premiums Assume that FCA taxes are identical to those on employees and that SUTA tans ae 5 4% and RIA taxes are 0 6% 1.4 2 Using the above information complete the below table and Prepare the journad entres to record accrued payroll and cash payment of the net payroll for July 3. Using the above information, complete the below table assumse that FICA taxes are identcal to those on employees and that SUTA taxes are 54% and FUTAtaxes are Complete this question by entering your answers in the tabs Req 1 and 2 Req Fec 4 Record the accrued employer payrell taxes and all other employer pald expenses and the cash payment of ail iabilities for uly-assume that FICA taxes are identical to these on empleyees and that SUTA taxes are 3 and FUTA taxes are 0.ew e here to search

Explanation / Answer

Journal Entry S.No. Date Particulars Dr. Amt. Cr. Amt. 1 31-Jul Salaries Expenses - Sales                           Dr.    680,000.00 Salaries Expenses - Office                         Dr.    136,000.00    To FICA - Social Sec. Taxes Payable      50,592.00    To FICA - Medicare Taxes Payable      11,832.00    To Employee Fed. Inc. Taxes Payable    204,000.00    To Employee State Inc. Taxes Payable      45,500.00    To Employee Medical Insurance Payable        9,900.00 $16,500 X 60%    To Employee Life Insurance Payable        8,100.00 $13,500 X 60%    To Employee Union Dues Payable      10,500.00    To Salaries Payable    475,576.00 (Record the Salaries for July) 2 31-Jul Salaries Payable                                            Dr.    475,576.00    To Cash    475,576.00 (Record the Salary Paid) 4 31-Jul Payroll Taxes Expenses                              Dr.      78,564.00    To FICA - Social Sec. Taxes Payable      50,592.00    To FICA - Medicare Taxes Payable      11,832.00    To SUTA Payable        3,726.00 $69,000 X 5.40%    To FUTA Payable            414.00 $69,000 X 0.60%    To Employee Medical Insurance Payable        6,600.00 $16,500 X 40%    To Employee Life Insurance Payable        5,400.00 $13,500 X 40% (Record the Payroll taxes)

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