Saved Help Save & Exi Check On January 8, the end of the first weekly pay period

Question

Saved Help Save & Exi Check On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its e mployees earned $20,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 620%, FICA Medicare taxes at the rate of 1 45%, $13,360 of federal income taxes, $1,440 of medical insurance deductions, and $940 of union dues. No employee earned more than $7,000 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 paid each employee. The federal unemployment tax rate is 0 60% (Round your answers to 2 decimal places) es Regis Company's January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA 1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities, (Round your answers

Explanation / Answer

Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security 91600 6.20% 5679.2 FICA-Medicare 91600 1.45% 1328.2 FUTA 91600 0.60% 549.6 SUTA 91600 4.00% 3664 Date General Journal Debit Credit Jan-08 Office salaries expense 20,760.00 Sales salaries expense 70,840.00 FICA—Social sec. taxes payable 5,679.20 FICA—Medicare taxes payable 1,328.20 Employee fed. inc. taxes payable 13,360.00 Employee medical insurance payable 1,440.00 Employee union dues payable 940 Salaries payable 68,852.60 Jan-08 Payroll taxes expense 11,221.00 FICA—Social sec. taxes payable 5,679.20 FICA—Medicare taxes payable 1,328.20 State unemployment taxes payable 3,664.00 Federal unemployment taxes payable 549.6

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

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