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 payroll register showed that its employees earned 322760 of bffice salaries and $65,840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 2% FICA Medicare taxes atthe rate of 145% $12.86 of federal income taxes. S 340 of medical insurance deductions and $840 of union dues No employee earned more than $7000 in this first period. 20 poins eBook Ask Punt Peferences Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company Regis's merit rating reduces its state unemployment tax rateto 4% of the first S7000 paid each employee. The federal unemployment tax rate is 06% (Round your answers to 2 decimal places.) Regis Company's: January 8 Earnings Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA 1.45% 0 60% 4 00% 1.2 Prepare the journal entry to record Regis Company's Januery 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.) 20 points View transaction list Journal entry worksheet Book Ask Pint Peferences Record the emplovee payroll expenses and liabilities for the first weekly pay period of the year Note Enter debits before credits ate General Journal Debit Credit Jan 08 FICA-Medicare taxes payable 1,284.70 2. Pre are the journal entry to record Regis s employer) payroll tases resulting from the January 8 payroll Regiss mer tra ng r state unemployment tax rate to 4% of the first $7000 paid each employee The federal unemployment tax rate is 0 6% Round your answers to 2 dlecimal places.) 20 points View transaction list Journal entry worksheet Book Ask Pant Pelerences Record the employer's payroll expenses and iabilities for the first weekly pay period of the year Enter debits before ere General Journal Jan 0B ayroll tanes expens 3,544.00 State unemployment taxes payable taxes payable Federal unemployment t 2 Problem 11-3A Payroll expenses, withholdings, and taxes LO P2, P3 Paloma Co has four employees FICA Social Securty taxes are 6 2% of the first S118500 paid to each employee, and FICA Medicare taxes are 145% of gross pay Also for the first S7000 paid to each employee, the company's FUTA taxes are 06% and SUTA taxes are 215% The company is preparing s payro calculations for the week ended August 25 Payro records show the folowing information for the company's four employees 20 points eBook Ask Print Gross Pay Income T Nare through Aug. 18Gross Pay Withholding Dalf trey Kiesha Chee $117,400 117,600 6,900 1,250 $2,000 900 450 400 3 284 145 39 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance, each employee pays the rer an ng one third The company also contributes an extra 8% of each employees gross pay at no cost to employees to a pension fund Required Compute the follawing for the week ended August 25 (Round your intermediate cak ulations and final answers to 2 clec imal places.) 1) Employoes FICA Withholdings for Social Security Tax Rate Tax Amount Subject to Tax Dali 2 Required Compute the following for the week ended August 25 (Round your intermediate calculations and final answers to 2 decimal plac es.) 1) Employees' FICA Withholdings for Social Security 20 points Earnings Subject to Tax Tax Rate Tax Amount mployee Dall Trey Kiesha Chee eBook Prit Peferencei Total Employees FICA Withholdings for Medicare Earnings Subject to Tax Tax RateTax Amount Dail Trey iesha Chee Total 0.00 3) Employer's FICA Taxes for Social Security
