Problem 9.2A (Algo) 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 $22,760 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%,$12,860 of federal income taxes, $1,420 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 in this first period. Required: 1-a. 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 joumal 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%. Note: Round your answers to 2 decimal places. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Note: 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. Note: Enter debits before credits. 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 unemploymer 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. 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%. Note: 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. Note: Enter debits before credits. Problem 9-3A (Algo) Payroll expenses, withholdings, and toxes LO P2, P3 Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6\% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25 . Payroll records show the following information for the company's four employees. In addition to gross pay, the company must pay one-half of the $106 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25. Note: Round your intermediate calculations and final answers to 2 decimal places. 3) Employer's FICA Taxes for Social Security 5) Employer's FUTA Taxes 6) Employer's SUTA Taxes \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|l|}{ 6) Employer's SUTA Taxes } \\ \hline Employee & \begin{tabular}{l} Earnings \\ Subject to Tax \end{tabular} & Tax Rate & Tax Amount & & & & \\ \hline \multicolumn{8}{|l|}{ Tax Rate } \\ \hline \multicolumn{8}{|l|}{ Dali } \\ \hline \multicolumn{8}{|l|}{ Trey } \\ \hline \multicolumn{8}{|l|}{ Kiesha } \\ \hline \multicolumn{8}{|l|}{ Chee } \\ \hline \multicolumn{8}{|c|}{ Total } \\ \hline \multicolumn{8}{|c|}{ 7) Each Employee's Net (take-home) Pay } \\ \hline Employee & Dali & Trey & Kiesha & & Chee & & Total \\ \hline Gross Pay & \$ 5,100.00 & 2.800 .00 & $1,000.00 & s & 1,200.00 & $ & 10,100.00 \\ \hline Income tax withholding & 611.00 & 274.00 & 59.00 & & 47.00 & & 991.00 \\ \hline \multicolumn{8}{|l|}{ FICA - Social Security } \\ \hline \multicolumn{8}{|l|}{ FICA - Medicare } \\ \hline \multicolumn{8}{|l|}{ Health Insurance } \\ \hline Net Pay & & & & & & & \\ \hline \multicolumn{8}{|c|}{ 8) Employer's Total Payroll-Related Expense for Each Employee. } \\ \hline Employee & Dali & Trey & Kiesha & & Chee & & Total \\ \hline Gross Pay & 55,100.00 & $2,800.00 & $1,000.00 & s & 1,200.00 & $ & 10,100.00 \\ \hline \multicolumn{8}{|l|}{ FICA - Social Security } \\ \hline \multicolumn{8}{|l|}{ FICA-Medicare } \\ \hline \multicolumn{8}{|l|}{ FUTA } \\ \hline \multicolumn{8}{|l|}{ SUTA } \\ \hline \multicolumn{8}{|l|}{ Health Insurance } \\ \hline \multicolumn{8}{|l|}{ Pension } \\ \hline Total Payroll Expense & & & & & & & \\ \hline \end{tabular} Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25 . Payroll records show the following information for the company's four employees. In addition to gross pay, the company must pay one-half of the $106 per employee weekly health insurance; each employee pays the remaining one-half. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: Compute the following for the week ended August 25. Note: Round your intermediate calculations and final answers to 2 decimal places
