The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $400,000; Office salaries, $80,000; Federal income taxes withheld, $120,000; State income taxes withheld, $27,000; Social security taxes withheld, $29,760; Medicare taxes withheld, $6,960; Medical insurance premiums, $9,500; Life insurance premiums, $6,500; Union dues deducted, $3,500; and Salaries subject to unemployment taxes, $55,000. 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 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%.