Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 9-7A. (Mlgo) Fintries for payeoll transactions 10P2,P3 On January 8 , the end of the first weekly pay period of the year, Regis Company's
Problem 9-7A. (Mlgo) Fintries for payeoll transactions 10P2,P3 On January 8 , the end of the first weekly pay period of the year, Regis Company's employees eamed $24,760 of ottice salaries and $70.840 of sales salaries. Wthholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FiCA Medicare taxes at the rate of 1.45%. $13,260 of federal income taxes, $1,380 of medical insurance deductions, and $940 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 eech 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 omployer 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. Caiculate 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 cach employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started