January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and 0,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA edicare taxes at the rate of 1.45%, $13,560 of federal income taxes, $1,380 of medical insurance deductions, and $880 of union dues. o employee earned more than $7,000 in this first period. equired: . Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the st $7,000 paid to each employee. The federal unemployment tax rate is 0.6% b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment ax 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 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. Tax FICA-Social Security FICA-Medicare FUTA SUTA Regis Company's: January 8 Earnings Subject to Tax Tax Rate Tax Amount Rea 1B >
January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and 0,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA edicare taxes at the rate of 1.45%, $13,560 of federal income taxes, $1,380 of medical insurance deductions, and $880 of union dues. o employee earned more than $7,000 in this first period. equired: . Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the st $7,000 paid to each employee. The federal unemployment tax rate is 0.6% b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment ax 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 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. Tax FICA-Social Security FICA-Medicare FUTA SUTA Regis Company's: January 8 Earnings Subject to Tax Tax Rate Tax Amount Rea 1B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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h2
Transcribed Image Text:January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and
0,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA
edicare taxes at the rate of 1.45%, $13,560 of federal income taxes, $1,380 of medical insurance deductions, and $880 of union dues.
o employee earned more than $7,000 in this first period.
equired:
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
st $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.
b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities.
Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment
ax 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
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.
Tax
FICA-Social Security
FICA Medicare
FUTA
SUTA
Regis Company's:
January 8 Earnings
Subject to Tax
Tax Rate
Tax Amount
Rea 1B
>
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