Can I please get help with this question?7.12 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $28,760 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%, $13,060 of federal income taxes, $1,420 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%. Req 1A Req 1B Req 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 $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Note: Round your answers to 2 decimal places. Regis Company’s: Tax January 8 Earnings Subject to Tax Tax Rate Tax Amount FICA—Social Security FICA—Medicare FUTA SUTA Record the employee payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Date General Journal Debit Credit January 08 Note: Enter debits before credits. Date General Journal Debit Credit January 08

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

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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%.

Req 1A
Req 1B
Req 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 $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.
Note: Round your answers to 2 decimal places.

Regis Company’s:
Tax	January 8 Earnings Subject to Tax	Tax Rate	Tax Amount
FICA—Social Security
FICA—Medicare
FUTA
SUTA

Record the employee payroll expenses and liabilities for the first weekly pay period of the year.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 08

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
January 08

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