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 $27,760 of office salaries and $60.840 of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 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%, $13.060 of federal income taxes. $1,410 of medical insurance deductions, and $840 of union dues No employee earned more than $7,000 in this first period. Required: 1-o. 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-b. 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 pald to each employee. The federal unemployment tax rate is 0.6% 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 $7000 paid to each employee. The federal unemployment tax rate is 06% Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req2 Calculate below the amounts for each of these four taxes or Regis Company. Regls'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%. Cround your answers to 2 decimal places.) Regis Company's Tax January 8 Earnings Subject to Tax Tax Rate Tax Amount FICA-Social Security FICA Medicare FUTA SUTA e 1 Req 18 > Journal entry worksheet Record the employee payroll expenses and liabilities for the first weekly pay period of the year Note: Enter debits before credits General Journal Debit Credit Date Jan 08 Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Strategic Management Concepts And Cases A Competitive Advantage Approach

Authors: Fred R. David

13th Edition

0136120989, 9780136120988

Students also viewed these Accounting questions