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%, $13,460 of federal income taxes, $1,390 of medical insurance deductions, and $900 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%.
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%, $13,460 of federal income taxes, $1,390 of medical insurance deductions, and $900 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%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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%, $13,460 of federal income taxes, $1,390 of medical insurance deductions, and $900 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%.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7672dbf9-d88c-4527-afbd-7093ee6d34e8%2F1763b808-cb4c-4688-aa1d-7f21363aff7e%2Fsmvhjo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Submit
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%, $13,460 of federal income taxes, $1,390 of medical insurance deductions, and $900 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%.
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