9 Problems Help Save &Exit; Sub Check my wor On January 8, the end of the first

Question

9 Problems Help Save &Exit; Sub Check my wor On January 8, the end of the first weekly pay perod of the year, Regis Company's payroll register showed that its employees earned $24,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Secunity taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, S13360 of federal ncome taxes, SAO of medical insurance deductions. and $860 of union dues. No employee earned more than $7000 in this first period Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis's merit rating reduces its state unemployment tax rate to 4% of the first $7,000 pad each employee. The federal unemployment tax rate is 060%. Round your answers to 2 decimal places) January 8earnings FICA-Social Security FUTA SUTA 1.2 Prepare the journal entry to record Regis Company's January 8 (employeel payroll expenses and iabilties (Round your answers to 2 decimal places.) Journal entry worksheet Next >

Explanation / Answer

Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security $85,600 6.20% $5,307.20 FICA-Medicare $85,600 1.45% $1,241.20 FUTA $85,600 0.60% $513.60 SUTA $85,600 4.00% $3,424.00 Date General Journal Debit Credit 8-Jan Office salaries expense 24,760.00 Sales salaries expense 60,840.00 FICA—Social sec. taxes payable 5,307.20 FICA—Medicare taxes payable 1,241.20 Employee fed. inc. taxes payable 13,160.00 Employee medical insurance payable 1,410.00 Employee union dues payable 860 Salaries payable 63,621.60 2 Date General Journal Debit Credit 8-Jan Payroll taxes expense 10,486.00 FICA—Social sec. taxes payable 5,307.20 FICA—Medicare taxes payable 1,241.20 State unemployment taxes payable 3,424.00 Federal unemployment taxes payable $513.60

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