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 $25,760 of office salaries and $60,840 of

image text in transcribed
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $25,760 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%, $12,860 of federal income taxes, $1,450 of medical insurance deductions, and $940 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 state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1.2 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 paid to each employee. The federal unemployment tax rate is 0.6%. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2 Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 deci places.) Regis Company's: Tax January 8 earnings Tax Rate Tax Amount subject to tax FICA-Social Security FICAMedicare FUTA SUTA Roq Req 1B >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Auditing A Risk Based Approach

Authors: Karla M Johnstone-Zehms, Audrey A. Gramling, Larry E. Rittenberg

12th Edition

035772187X, 978-0357721872

More Books

Students also viewed these Accounting questions

Question

Who holds the power in recruitment and selection?

Answered: 1 week ago

Question

Explain the effectiveness of various selection methods

Answered: 1 week ago

Question

Explain the nature of attraction in recruitment

Answered: 1 week ago