Problem 11-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $21.760 of office salaries and $70.840 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%, $13,060 of federal income taxes. $1,340 of medical Insurance deductions, and $900 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%. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1A Reg 13 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.) No Date Credit Jan 09 Debit 21,760.00 70,840.00 General Journal Office salaries expense Sales salaries expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Income taxes payable Employee medical insurance payable Employee union dues payable Salaries payable OOOOOO 5,741.20 1,34270 13.060.00 1,340.00 900.00 70,840.00 Problem 11-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year. Regis Company's employees earned $21760 of office salaries and $70,840 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%, $13.060 of federal income taxes. $1,340 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first periodi Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company Regis's state unemployment tax rate is 54% 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 joumal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 54% of the first $7.000 paid to each employee. The federal unemployment tax rate is 0.6% Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 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%. (Round your answers to 2 decimal places.) Date General Joumal Credit Debit 9.664.00 Jan 08 Payroll taxes expense FICA-Social sec, taxes payable FICA-Medicare taxes payable Stale unemployment taxes payable Federal unemployment taxes payable OOOOO 5741.200 1,342.70 5.000.40 555.60
