Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help with required 2: the debit and credits for jan. 08 1 0 On January 8, the end of the first weekly pay period of

help with required 2: the debit and credits for jan. 08
image text in transcribed
image text in transcribed
1 0 On January 8, the end of the first weekly pay period of the year, Regis Company's employees eamed $24.760 of office salaries and $60,840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%. $13,160 of federal Income taxes. $1330 of medical Insurance deductions, and $800 of union dues No employee earned more than $7.000 in this first period Required: 11 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 $7000 paid to each employee. The federal unemployment tax rate is 0.6% 1.2 Prepare the journal ently 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. Regle's state unemployment tax rate is 5,4% of the first $7000 paid to each employee. The fedetal unemployment tax rate is 0.6% Complete this question by entering your answers in the tabs below. Rea 1 Regin Prepare the journal entry to record Rehemployer payroll taxes resulting from the January payroll, Regh's state unemployment tax rate 5.4% of the Best $7,000 paid to each employee. The federal unemployment tax to 0.6% (Round your answers to 2 decimal View was Journal entry worksheet Chec Heg Reg is Reg Prepare the journal entry to record Regis's employer payroll taxes silting from the January 8 payroll Regisste unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 06 (Round your answers to decimal places View transaction lit 0001 Journal entry worksheet Record the employee's payrokiemes and Babtitles for the first weekly pay period of the year Datu an dan Jou Dell Credit PHICAS TICA Modena oder unmoments payable Hii Pray Next

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_2

Step: 3

blur-text-image_3

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

More Books

Students also viewed these Accounting questions

Question

Identify the polygons.

Answered: 1 week ago