On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $24,760 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%, $13,560 of federal income taxes, $1,380 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%. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 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 1.2 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 complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 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 24,760.00 70,840.00 6,113.20 X 1,429.70 X Office salaries expense Sales salaries expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee medical insurance payable Employee union dues payable Salaries payable OOOOOOOO 13,060.00 X 1,370.00 940.00 X 75,687.10 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 complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 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 Debit Credit 1 Jan 08 13,560.00 X General Journal Payroll taxes expense FICA-Social sec, taxes payable FICAMedicare taxes payable State unemployment taxes payable Federal unemployment taxes payable 6,113.20 X 1,429.70 X 5,324.40 591.60 Reg 1B Rec2
