Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

https:/secure3.hiton.com/en/hh/customer/accountdFolio.htmt 1& 13-Assignment Seved On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $21,760 of office

image text in transcribed
image text in transcribed
image text in transcribed
https:/secure3.hiton.com/en/hh/customer/accountdFolio.htmt 1& 13-Assignment Seved On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $21,760 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% , $13,560 of federal income taxes, $1,420 of medical insurance deductions, and $800 of union dues. No employee earned more than $70o0 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 %. Complete this question by entering your answers in the tabs below. Req 2 Req 1A Req 18 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 Amount Tax Rate Tax FICA-Social Security FICA-Medicare FUTA SUTA Req 1B Re 1A oyment taX rate is 0.6 %. Complete this question by entering your answers in the tabs below. 031 points Req 1A Req 1B Req 2 eBook Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) Print View transaction list Journal entry worksheet References 1 Record the employee payroll expenses and liabilities for the first weekly pay period of the year Note: Enter debits before credits Debit Credit General Journal Date Jan 08 View general journal Clear entry Record entry Next> 2 of 8 Prey 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 taz 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.) View transaction list Journal entry worksheet Record the employer's payroll expenses and liabilities for the first weekly pay period of the year. es Note: Enter debits before credits. Date General Journal Debit Credit Jan 08 View general journal Clear entry Record entry Reg Rea 18

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

Question

Define epistemology.

Answered: 1 week ago