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 Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,160 of federal income taxes, $1,430 of medical insurance deductions, and $920 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. 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% 1.2 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% Answer is not complete 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%. (Round your answers to 2 decimal places.) Regis Company's: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare 87,600 6.20% 5,431.20 87,600 1.45% 1,270.20 FUTA 87,600 0.60% 525.60 87,600 SUTA 5.40% 4,730.40 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) No Date General Journal Debit Credit Office salaries expense 26,760.00 1 Jan 08 Sales salaries expense 60,840.00 FICA-Social sec. taxes payable 5,431.20 FICA-Medicare taxes payable 1,270.20 13,160.00 Employee fed. inc. taxes payable Employee medical insurance payable 1,430.00 Employee union dues payable 920.00 Salaries payable 0.00 x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 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%. (Round your answers to 2 decimal places.) Date Debit No General Journal Credit 0.00 X Payroll taxes expense Jan 08 1 FICA-Social sec. taxes payable 0.00X FICA-Medicare taxes payable 0.00 Federal unemployment taxes payable 0.00X State unemployment taxes payable O.00X
