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 $26,760 of office salaries and $60,840 of

image text in transcribed
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%, $12,860 of federal income taxes. $1,410 of medical insurance deductions, and $880 of union dues No employee earned more than $7,000 in this first period. Regis Company records office salaries and sales salaries as two separate accounts in its accounting records. Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis Company'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 Company's employer payroll taxes resulting from the January 8 payroll Regis Company's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 06% Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 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.) Tax Regis Company's: January 8 earnings Tax Rate subject to tax Tax Amount FICA-Social Security

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_2

Step: 3

blur-text-image_3

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

Introduction To Management Accounting With Myaccountinglab And

Authors: Alnoor Bhimani, Charles T. Horngren, Gary L. Sundem, William O. Stratton, Jeff Schatzberg, Dave Burgstahler

1st Edition

1292178116, 978-1292178110

More Books

Students also viewed these Accounting questions

Question

6. Are my sources reliable?

Answered: 1 week ago

Question

5. Are my sources compelling?

Answered: 1 week ago