Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 9-2a entries for payroll transactions p2 p

Problem 9-2A Entries for payroll transactions P2 P3 On January 8, the end of the...

90.2K

Verified Solution

Question

Accounting

image

Problem 9-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22,760 of office salanes and S65 840 of sales salaries withholdings from the employees' salaries include FICA Social Security taxes at the rate of 62% ECA Medicare taxes at the rate of 1.45%, S 12,860 of federal income taxes, S 1.340 of medical insurance deductions, and SS40 o union dues. No employee earned more than $7,000 in this first period. Required 1. 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.) Check () Cr Salaies Payable, $66,782 10 2. Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January S payroll. Regis's merit rating reduces its state unemployment tax rate to 4% of the first S 7,000 paid each employee. The federal unemployment tax rate is 06% (Round amounts to cents Dr. Payroll Taxes Expense, $10,853.50

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

Algebra
1.2K views

Show that if an n-vertex graph G contains at least [n/4]+1 edges, then G contains...

Chemistry
1.2K views

Assume a titration with 0.100 M NaOH titrant and 25.00 mL of a 0.0800 M CH3COOH...

Physics
1.2K views

The amount of spreading of light after it goes through an opening a. would be larger if...

Basic Math
1.2K views

6 5 4 3 2 1 8 7 6 5432 2 3 I 2 5...

Accounting
1.2K views

Homework: Fall 2020 SCM301 HW 8 Save Score: 0.5 of 1 pt 1...

Accounting
1.2K views

all of the following are deductible business except expenses except a depreciation on a business...

Accounting
1.2K views

Current Attempt in Progress Your answor is fartially correct. Michael received 100 ronqualified...

Accounting
1.2K views

Dividends per share Oceanic Company has 10,000 shares of cumulative preferred 1% stock, $100 par...

Accounting
1.2K views

need a ans fast Your company fixes the inter-divisional prices for its products on...

Accounting
1.2K views

Bill Jovi is reviewing the cash accounting for Nash, Inc., a local mailing service. Jovi's...

Accounting
1.2K views

Coca-Cola and PepsiCo are two of the largest and most successful beverage companies in the...

Accounting
1.2K views

Indicate where the event purchase of land and a building with a mortgage would appear,...