Business, 06.05.2021 22:10 mvongphakdy8124
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $620,000; Office salaries, $124,000; Federal income taxes withheld, $186,000; State income taxes withheld, $41,500; Social security taxes withheld, $46,128; Medicare taxes withheld, $10,788; Medical insurance premiums, $15,000; Life insurance premiums, $12,000; Union dues deducted, $9,000; and Salaries subject to unemployment taxes, $66,000. The employee pays forty percent of medical and life insurance premium. SUTA taxes are 5.4% and FUTA taxes are 0.6%.
Required:
Record the employer's payroll expenses and liabilities for the month of July. Record the employer's benefit expense. Record the cash payment of all liabilities related to the July payroll.
Answers: 2
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The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $620,000; Offi...
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