Business, 28.06.2020 04:01 PleaseHelpMe9428

The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $660,000; Office salaries, $132,000; Federal income taxes withheld, $198,000; State income taxes withheld, $44,000; Social security taxes withheld, $49,104; Medicare taxes withheld, $11,484; Medical insurance premiums, $16,000; Life insurance premiums, $13,000; Union dues deducted, $10,000; and Salaries subject to unemployment taxes, $68,000. 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%. 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, $660,000; Offi...

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