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 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%.
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 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%.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2E
Related questions
Question
9
![On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 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, $1,350 of medical insurance deductions, and $920 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 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 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.
Req 1A
Reg 1B
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.
Tax
FUTA
SUTA
FICA-Social Security
FICA-Medicare
Req 2
Regis Company's:
January 8 Earnings
Subject to Tax
Tax Rate
Tax Amount](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5cf6129-483a-4372-9ede-61d1a20d35c2%2F2ccc4908-46f4-4f7d-aaf6-dbf4a9db064a%2F5fiqtxn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 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, $1,350 of medical insurance deductions, and $920 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 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 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.
Req 1A
Reg 1B
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.
Tax
FUTA
SUTA
FICA-Social Security
FICA-Medicare
Req 2
Regis Company's:
January 8 Earnings
Subject to Tax
Tax Rate
Tax Amount
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