Item 8

2.4 points

Time Remaining 1 hour 4 minutes 4 seconds

01:04:04

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Item 8

Item 8 2.4 points

Time Remaining 1 hour 4 minutes 4 seconds

01:04:04

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 $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 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,160 of federal income taxes, $1,420 of medical insurance deductions, and $880 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. Regiss merit rating reduces its state unemployment tax rate to 6% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%

TAX	January 8 earnings subject to tax	Tax rate	Tax amount
FICA - Social Security
FICA - Medicare
FUTA
SUTA