On January 8, the end of the first weekly pay period of the year, Regis...

90.2K

Verified Solution

Question

Accounting

image

image

image

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $25760 of office salaries and $60,840 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%, $13,360 of federal Income taxes, $1,460 of medical Insurance deductions, and $840 of unlon dues No employee earned more than $7.000 in this first period. Required: 1a. 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 pald to each 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 employer payroll taxes resulting from the January a payroll. Regis's state unemployment tax rate is 5.4% of the first $7.000 pald to each employee. The federal unemployment tax rate is 0.6% Complete this question by entering your answers in the tabs below. Req 1A Req 18 Rey 2 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 57,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.) Regis Company's: January 8 Earnings Subject to Tax Tax Tax Rate Tax Amount FICA Social Security PICSMedicare FUTA 6:20% 1459 SUTA Reg 1B On January 8, the end of the first weekly pay period of the year. Regis Company's employees earned $25,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees salartes Include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,360 of federal income taxes. $1.460 of medical Insurance deductions, and $840 of unlon 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 journal entry to record Regis Company's January 8 employee payroll expenses and liabilites, 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 pald to each employee. The federal unemployment tax rate is 0.6% Complete this question by entering your answers in the tabs below. Reg 1A Red Reg 2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) View transaction let Journal entry worksheet 3 1 Record the employee payroll expenses and liabilities for the first weekly pay period of the year Note Enter cehs befort creet General Joumal Debit Credit Date January 08

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students