Problem 9-2A Entries for payroll transactions P2 P3 On January 8, the end of the

Question

Problem 9-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22,760 of office salanes and S65 840 of sales salaries withholdings from the employees' salaries include FICA Social Security taxes at the rate of 62% ECA Medicare taxes at the rate of 1.45%, S 12,860 of federal income taxes, S 1.340 of medical insurance deductions, and SS40 o union dues. No employee earned more than $7,000 in this first period. Required 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regis Company's January 8 employee) payroll expenses and liabilities. (Round amounts to cents.) Check () Cr Salaies Payable, $66,782 10 2. Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January S payroll. Regis's merit rating reduces its state unemployment tax rate to 4% of the first S 7,000 paid each employee. The federal unemployment tax rate is 06% (Round amounts to cents Dr. Payroll Taxes Expense, $10,853.50

Explanation / Answer

Office salaries expense 22760 Sales salaries expense 65840        FICA—Social sec. taxes payable 5493.2        FICA—Medicare taxes payable 1284.7        Employee federal income taxes payable 12860         Employee medical insurance payable 1340         Employee union dues payable 840         Salaries payable 66782.1 2 Payroll taxes expense 10853.5        FICA—Social sec. taxes payable 5493.2        FICA—Medicare taxes payable 1284.7        State unemployment taxes payable 3544         Federal unemployment taxes payable 531.6

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.