Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help pls !! On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned $27760 of office
help pls !!
On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned $27760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries inciude FiCA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1,45%,$12,860 of federal income taxes, $1,450 of medical insurance deductions, and $820 of union dues: No employee earned 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 federal unemployment tax rate is 0.6%. 1.b. Prepare the journal 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 resulting from the January 8 poyroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tox rate is 0.6%. Complete this question by entering your answers in the tabs below. Prepare the joumal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Note: Round your answers to 2 decimal places. On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27.760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 62%, FICA Medicare taxes at the rate of 1,45%,$12,860 of federal income taxes, $1,450 of medical insurance deductions, and $820 of union dues. No employee earned 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 federal unemployment tax rate is 0.6%. 1-b. Prepare the journal 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 resulting from the January 8 payroll. Regis's state unempioyment tax rate is 5.4% of the first $7,000 pald to each employee. The federal unemployment tax rate is 0.6% : Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Note: Round your answers to 2 decimal places Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started