Question
Can someone help me please on how to calculate Payroll taxes expense? Thank you! Problem 11-2A Entries for payroll transactions LO P2, P3 On January
Can someone help me please on how to calculate Payroll taxes expense? Thank you!
Problem 11-2A Entries for payroll transactions LO 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 $28,760 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%, $13,660 of federal income taxes, $1,380 of medical insurance deductions, and $820 of union dues. No employee earned more than $7,000 in this first period.
Prepare the journal entry to record Regiss (employer) payroll taxes resulting from the January 8 payroll. Regiss 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.)
Payroll taxes expense? debit | Credit???
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