Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Medicare of sales salaries. With 1 4 5 % , $ 1 3 , 5 6 0 of federal income taxes, $ 1 , 4

image text in transcribed
Medicare of sales salaries. With 145%, $13,560 of federal income taxes, $1,420 of medical insurance deductions, and $800 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 unemploymer 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 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%.
Note: Round your answers to 2 decimal places.
\table[[Regis Company's:],[Tax,\table[[January 8 Earnings],[Subject to Tax]],Tax Rate,Tax Amount],[FICA-Social Seo,,,],[FICA-Medicare,,,],[FUTA,,,],[SUTA,,,]]
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

9th Edition

125972266X, 9781259722660

More Books

Students also viewed these Accounting questions