Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

How do i complete this question? On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760

How do i complete this question?image text in transcribedimage text in transcribedimage text in transcribed

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 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,160 of federal income taxes, $1,450 of medical insurance deductions, and $860 of union dues. No employee earned more than $7,000 in this first period. Required 1.1 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%. 1.2 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 unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6% Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 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%. (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 27,760X 5.40% 1,499.04 27,760X 5.40% 1,499.04 FUTA 5.40%X 27,760x 1,499.04 27,760x 5.40% SUTA 1,499.04 Req 1A Req 1B 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. With holdings 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, $1,450 of medical insurance deductions, and $860 of union dues. No employee earned more than $7,000 in this first period Required: 1.1 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% 1.2 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 unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2 Req 1A Req 1B Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) No Date General Journal Debit Credit Office salaries expense 1 Jan 08 27,760.00 Sales salaries expense 60,840.00 FICA-Social sec. taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable Employee medical insurance payable Employee union dues payable x 13,160.00 1,450.00 860.00 Salaries payable Req 1A Req 2 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 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,160 of federal income taxes, $1,450 of medical insurance deductions, and $860 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 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%. 1.2 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 unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6% Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 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%. (Round your answers to 2 decimal places.) No Date General Journal Debit Credit 1 Jan 08 Payroll taxes expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable Req 2 Req 1B

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions