The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $400,000; Office salaries, $80,000; Federal income taxes withheld, $120,000; State income taxes withheld, $27,000; Social security taxes withheld, $29,760; Medicare taxes withheld, $6,960; Medical insurance premiums, $9,500; Life insurance premiums, $6,500; Union dues deducted, $3,500; and Salaries subject to unemployment taxes, $55,000. 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.
4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities 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%.
I just need help with req 4
1.) Record all employer's payroll expenses and liabilities for the month of July.
Note: Enter debits before credits.
Date General Journal Debit Credit
July 31 Payroll taxes expense 46,420
FICA—Social sec. taxes payable 29,760
FICA—Medicare taxes payable 6,960
State unemployment taxes payable 2,970
Federal unemployment taxes payable 330
2.) Record the employer's benefit expense.
Date General Journal Debit Credit
July 31 Employee benefits expense
Employee medical insurance payable 3,800
Employee life insurance payable 2,600
3.) Record the cash payment of all liabilities related to the July payroll.
Date General Journal Debit Credit
July 31 FICA—Social sec. taxes payable
FICA—Medicare taxes payable
Employee fed. inc. taxes payable
Employee state income taxes payable
Employee medical insurance payable
Employee life insurance payable
Employee union dues payable
State unemployment taxes payable
Federal unemployment taxes payable
Cash