Exercise I3 Part Level Submission Ramirez Company has the fo

Exercise I-3 (Part Level Submission) Ramirez Company has the following data for the weekly payroll ending January 31. Federal Hourly Income Tax Health Hours Employee M T W T F S Rate Withholding Insurance L. Helton 8 8 9 8 10 3 $12 R. Kenseth 8 8 8 8 8 2 D. Tavaras 9 10 8 8 9 0 $34 37 58 $10 25 25 14 15 Employees are paid 12 times the regular hourly rate for all hours worked in excess of 40 Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unem

Solution

Journal Entry Account Tittle Debit Credit Salaries Expense $1,880.00         Federal Income Tax Payable $129         FICA Tax Payable $143.82         Health Insuranec Payable $60.00         Salaries Payable $1,547.18 Payroll Tax Expense $260.38         FICA Tax Payable $143.82        State Unemployment Tax Payable ($1880*5.4%) $101.52       Federal Unemployment Tax Payable ($1880*0.8%) $15.04