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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 $22,760 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 $22,760 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%, $13,460 of federal income taxes, $1,350 of medical insurance deductions, and $880 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 merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Answer is complete and correct. Regis Company's: January 8 earnings subiect to tax Tax Rate Tax Amount FICA-Social Security S FICA-Medicare FUTA SUTA 93,600 93,600 93,600 93,600 6.20% 1.45% 0.60% 5.00% 5,803.20 1,357.20 561.60 4,680.00
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