Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 9 - 2 A Entries for payroll transactions P 3 On January 8 , the end of the first weekly pay period of the

image text in transcribed
Problem 9-2A Entries for payroll transactions P3
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $65,840 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, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in this first period.
Required
Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Round amounts to cents.
Checl
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 amounts to cents.
image text in transcribed

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

Managerial Accounting

Authors: Charles E. Davis, Elizabeth Davis

3rd edition

978-1119234173, 1119234174, 1119343615, 978-1119182078, 1119182077, 978-1119234074, 1119234077, 978-1119343615

More Books

Students also viewed these Accounting questions

Question

Why is a mission statement important to an organization? LO1.

Answered: 1 week ago