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 $28.760 of office salaries and $60.840 of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $28.760 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%, $12.760 of federal income taxes, $1,370 of medical insurance deductions, and $800 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. Reg 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 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.) Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 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%. (Round your answers to 2 decimal places.) Regis Company's January 8 earnings subject to tax Tax Rate Tax Amount Tax FICA Social Security FICA Medicare FUTA SUTA Rea Reg 1B > Reg 1A Reg 16 Reg 2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet

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

Musings On Internal Quality Audits Having A Greater Impact

Authors: Duke Okes

1st Edition

1636941486, 978-1636941486

More Books

Students also viewed these Accounting questions