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Exercise 11-8 Recording payroll LO P2, P3 The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; Office salaries, $160,000; 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; and Salaries subject to unemployment taxes, $50,000. 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%. 1&2. 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. 3. Using the above information, complete the below table. 4. Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities 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% Complete this question by entering your answers in the tabs below,Req 1 and 2 Req 3 Using the above Information, complete the below table. Tax Req 4 Amounts Subject Tax Rate Tax Amount to Tax State Unemployment Taxes Payable Federal Unemployment Taxes Payable 〈 Req 1 and 2 Req4Record the accrued employer payroll taxes and all other employer-paid expenses and the cash payment of all liabilities 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% View transaction listView journal entry worksheet Date General Journal Debit Credit July 31 Payroll taxes expense 30,540 FICA-Social sec. taxes payable FICA-Medicare taxes payable State unemployment taxes payable Federal unemployment taxes payable 22,320 5,220 2,700 300 July 31 Employee benefits expense 6,600 Employee medical insurance payable Employee life insurance payable 4,200 2,400 July 31 FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee state income taxes payable Employee medical insurance payable Employee life insurance payable Employee union dues payable State unemployment taxes payable Federal unemployment taxes payable Cash

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