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 payroll register showed that its employees earned $22,760 of

image text in transcribedimage text in transcribedimage text in transcribed

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

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

Students also viewed these Accounting questions