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On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $24,760 of
On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its 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 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,360 of federal income taxes, $1,400 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period.
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