Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

h2

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 >
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 >
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Payroll register
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS