monthly data are taken from Ramirez Company at July 31
The following monthly data are taken from Ramirez Company at July 31: sales salaries $200000; offi Show more The following monthly data are taken from Ramirez Company at July 31: sales salaries $200000; office salaries $160000; federal income taxes withheld$90000;state income taxes withheld $20000; social security taxes withheld$22320; Medicare taxes withheld $5220; medical insurance premiums $ 7000; life insurance premiums $4000; union dues deducted $1000; and salaries subject to unemployment taxes $50000. 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 0.6%; and (4) cash payment of all liabilities related to the July payroll. Show less
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