Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned $ 2 6 , 7 6

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 $70,840 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%, $13,260 of federal income taxes, $1,380 of medical insurance deductions, and $920 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. Regiss 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 Regiss employer payroll taxes resulting from the January 8 payroll. Regiss state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.

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

Accounting The Ultimate Guide To Accounting For Beginners

Authors: Greg Shields

1st Edition

1546332820, 978-1546332824

More Books

Students also viewed these Accounting questions