On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 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, $1,430 of medical insurance deductions, and $960 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 Reg 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.) Regis Company's: January 8 earnings Tax Rate subject to tax Tax Tax Amount $ 84,600 6.20% 5,245.20 FICASocial Security FICA-Medicare FUTA 1.45% 1.226.70 84,600 84,600 84,600 0.60% 507.60 SUTA 5.40% 4,568.40 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 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, $1,430 of medical insurance deductions, and $960 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 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 1 Jan 08 Office salaries expense Sales salaries expense 23,760.00 60,840.00 5,245.20 1,226.70 FICASocial sec. taxes payable FICAMedicare taxes payable Employee fed. inc. taxes payable Employee medical insurance payable Employee union dues payable On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 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, $1,430 of medical insurance deductions, and $960 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 Reg 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.) No Date General Journal Debit Credit
