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Business, 23.11.2020 03:50 devikapal101
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $640,000: Office salaries, $128,000; Federal
income taxes withheld, $192,000; State Income taxes withheld, $43,000; Social security taxes withheld $47,616; Medicare taxes
withheld, $11,136; Medical insurance premiums, $15,500; Life insurance premiums, $12,500; Union dues deducted, $9,500; and
Salaries subject to unemployment taxes, $67,000. 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.
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $640,000: Offi...
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