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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 $60,840 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%, $12,860 of federal income taxes, $1,390 of medical insurance deductions, and $960 of union dues. No employee earned more than $7,000 in this first period. Required: .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 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA
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