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i am not able to figure out the salaries payable. please help On January 8, the end of the first weekly pay period of the
i am not able to figure out the salaries payable. please help
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Soclal Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%,$13,360 of federal income taxes, $1,420 of medical insurance deductions, and $900 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 unemployment 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. Journal entry worksheet Record the employee payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits Step by Step Solution
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