Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

25.00 points On January 8, the end of the first weekly pay period of the year Regis Company's payoll register showed that its employees earned

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
25.00 points On January 8, the end of the first weekly pay period of the year Regis Company's payoll register showed that its employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,960 federal income taxes, $1,410 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate each of these four taxes of Regis Company rating reduces its state unemployment tax rate to 3% of the first $7,000 paid each employee. The federal unemployment tax (Round your answers to 2 decimal places.) Regis Company's January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security 92,600 6.20% 5,741.20 FICA Medicare 92,600 1.45% 1.342.70 FUTA SUTA

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CISA Certified Information Systems Auditor Bundle

Authors: Peter H. Gregory

1st Edition

1260459861, 978-1260459869

More Books

Students also viewed these Accounting questions