Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 parts Problem 9-2A (Algo) Entries for payroll transactions LO P2, P3 On Jamuary B, the end of the first weekly pay period of the

3 parts
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 9-2A (Algo) Entries for payroll transactions LO P2, P3 On Jamuary B, the end of the first weekly pay period of the year, Regis Company's employees eamed $22.760 of office salaries and $60,840 of sales salaries. Whthioldings from the employeos' salaries include FICA Social Security taxes at the rate of 6.2%. FICA Medicare taxes at the rate of 1.45%,$12,760 of federal income taxes, $1,410 of medical insurance deductions, and $960 of union dues. No employee eorned more than $7,000 in this first period. Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federat unemployment tax rate is 0.6% 1.b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liablities. 2. Prepare the journal entry to record Regis's employerpayroll taxes resuiting from the January 8 paytoll. Regis's stote unemployment tax rate is 5.4% of the first $7,000 poid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Calculate below the amounts for each of these four taxes of Regis Company. Regiss state unemployment tax rate is 5.4% of the first 57,000 paid to esch employee, The federal unemployment tax rate is 0.6%. (Round your answers to 2 decima! Medicare taxes at the rate of 145%,$12,760 of lederal income taxes, $1,410 of medical insurance deductions, and $960 of union dues. No empioyee earned more than $7,000 in this first period. Required: 1-a. Calculate below the ampunts for each of these four taxes of Regis Company. Regls's state unemployment tax rate is 5.4% of the first $7,000 poid to each employee. The federal unemployment tax rate is 0.6%. 1.6. Prepare the joumal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes rosulting from the January 8 payroll. Regis's state unempioyment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6% Complete this question by entering your answers in the tabs below. Calculate below the amounts for each of these four taxes of Regis Compsn. Regis's state unemployment tax rate is 5.4% of the first 37,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.) Journal entry worksheet Record the employee payroll expenses and liabllities for the first weekly pay period of the year. Fote: Enter debits before credts. Prepare the journal entry to recond Regist employer payroil taxes resulting from the January \& payrol, Regis's state unemployment tax rote is 5.44 of the first $7,000 pald to each employee. The federal unemployment fax rate is 0.6%, (Reund your answers to 2 decimal places) Journal entry worksheet Record the employer's payroll expenses and liabilites for the first weekly pay period of the year. Wiote I Enter Detats Deftare dredts

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

Case Studies In Forensic Accounting And Fraud Auditing

Authors: Professor D. Larry Crumbley, Wilson LaGraize, Christopher E. Peters

2nd Edition

0808041932, 978-0808041931

More Books

Students also viewed these Accounting questions

Question

A How do reversing entries simplify recordkeeping?

Answered: 1 week ago