90.2K

Verified Solution

Link Copied!

On January 8, the end of the first weekly pay period of the year, Regis Companys payroll register showed that its employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes, FICA Medicare taxes, $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:

1.1

Calculate below the amounts for each of these four taxes of Regis Company. (Round your answers to 2 decimal places.) Regis Companys: Tax January 8 earnings subject to tax Tax Rate (%) Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA + 1.2 Prepare the journal entry to record Regis Companys January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.) Transaction Index : Record the payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 08 + The full content of this question did not transfer to your assignment. Please try again. reload 2. Prepare the journal entry to record Regiss (employer) payroll taxes resulting from the January 8 payroll. (Round your answers to 2 decimal places.) Record the employers payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 8 This is all one long question.

Answer & Explanation Solved by verified expert

See Answer