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
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 $25,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FCA Social Security taxes at the rate of 6.2%, FiCA Medicare taxes at the rate of 1.45%,$12,860 of federal income taxes, $1,390 of medical insurance deductions, and $800 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 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-b. 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. 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.) 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemplo 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. 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.) Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) Journal entry worksheet Record the employee payroll expenses and liabilities for the first weekly pay period of the year. Notes Enter debits before credits. 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%. (Round your answers to 2 decimal places.) Journal entry worksheet Record the employer's payroll expenses and liabilities for the first weekly pay period of the year: Noter Enter debits before creditsi

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_2

Step: 3

blur-text-image_3

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

Hotel Operations Simulation And Auditing Manual

Authors: Gail E. Sammons, Cihan Cobanoglu

1st Edition

0131704613, 978-0131704619

More Books

Students also viewed these Accounting questions

Question

2. Outline the business case for a diverse workforce.

Answered: 1 week ago