Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 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%. Note: Round your answers to 2 decimal places. No Date General Journal 1 January 08 Payroll taxes expense Federal unemployment taxes payable FICA-Medicare taxes payable FICA-Social security taxes payable State unemployment taxes payable Drov Reg 1B Reg 2 Novt Debit Credit 573.60 5,927.20 x 1,386.20 x 378.00 X
Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 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%. Note: Round your answers to 2 decimal places. No Date General Journal 1 January 08 Payroll taxes expense Federal unemployment taxes payable FICA-Medicare taxes payable FICA-Social security taxes payable State unemployment taxes payable Drov Reg 1B Reg 2 Novt Debit Credit 573.60 5,927.20 x 1,386.20 x 378.00 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $24,760 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%, $12,660 of federal income taxes, $1,350 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 in this first period.
Required:
1. Prepare the
I do not know what did I miss, so my answer was wrong
Transcribed Image Text:Answer is not complete.
Complete this question by entering your answers in the tabs below.
Req 1A
Req 1B
Req 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%.
Note: Round your answers to 2 decimal places.
No
Date
General Journal
1
January 08
Payroll taxes expense
Federal unemployment taxes payable
FICA-Medicare taxes payable
FICA-Social security taxes payable
State unemployment taxes payable
Drov
Reg 1B
Reg 2
Novt
Debit
Credit
573.60
5,927.20 x
1,386.20 x
378.00 X
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education