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Hi, please help with the question and provide the detailed solution of how you get them. Please exactly follow the chart below to answer the
Hi, please help with the question and provide the detailed solution of how you get them. Please exactly follow the chart below to answer the question. 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 $25,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,060 of federal income taxes, $1,350 of medical insurance deductions, and $960 of union dues. No employee earned more than $7,000 in this first period. Required .1 Calculate below the amounts for each of these four taxes of Regis Company. Regis's merit rating reduces its state unemployment tax rate to 3% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA 1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the employee payroll expenses and liabilities for the first weekly pay period of the year Note: Enter debits before credits. Debit Date General Journal Credit Jan 08 Record entry Clear entry View general journal 2. Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January 8 payroll. Regis's merit rating reduces its state unemployment tax rate to 3% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the employer's payroll expenses and liabilities for the first weekly pay period of the year Note: Enter debits before credits. Date General Journal Debit Credit Jan 08 Record entry Clear entry View general journalStep by Step Solution
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