Business, 07.05.2021 04:00 heaven8606

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 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%. 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.

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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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