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Business, 17.04.2020 17:57 tikirawallace

The following monthly data are taken from Ramirez Company at July 31:

Sales salaries $300,000
Office salaries $60,000
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
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 0.8%.

4. Cash payment of all liabilities related to the July Payroll.

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The following monthly data are taken from Ramirez Company at July 31:

Sales salaries $30...
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