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Igo) Entries for payroll transactions LO P2, of the first weekly pay period of the year, Regis Compan ies. Withholdings from the employees' salaries include F rate of 1.45%, $13,260 of federal income taxes, $1,380 of more than $7,000 in this first period.

Igo) Entries for payroll transactions LO P2, of the first weekly pay period of the year, Regis Compan ies. Withholdings from the employees' salaries include F rate of 1.45%, $13,260 of federal income taxes, $1,380 of more than $7,000 in this first period.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 11-2A (Algo) Entries for payroll transactions LO P2, P3 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 $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%, $13,260 of federal income taxes, $1,380 of medical insurance deductions, and $940 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 Req 1B Tax 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, FICA-Social Security Req 2 Regis Company's: January 8 Earnings Subject to Tax 24,760 $ Tax Rate Tax Amount 6.20% $ 1,535.12
Transcribed Image Text:Problem 11-2A (Algo) Entries for payroll transactions LO P2, P3 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 $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%, $13,260 of federal income taxes, $1,380 of medical insurance deductions, and $940 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 Req 1B Tax 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, FICA-Social Security Req 2 Regis Company's: January 8 Earnings Subject to Tax 24,760 $ Tax Rate Tax Amount 6.20% $ 1,535.12
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