Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help ASAP On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $20,760 of office salaries
Need help ASAP
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $20,760 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%, $12,760 of federal income taxes, $1,380 of medical insurance deductions, and $860 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% 1-6. 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. Reg 14 Reg 10 Reg 2 Calcutate 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 B Earnings Subject to Tax Tax Rate Tax Amount Tax FICA Social Security FICA Medicare FUTA SUTA 6.20% 1.45% 0.60% 5.40% Prev 1 of 6 Next > Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started