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%, $13,160 of federal income taxes, $1,380 of medical insurance deductions, and $840 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 entrs to record Regis Companive Janu
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%, $13,160 of federal income taxes, $1,380 of medical insurance deductions, and $840 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 entrs to record Regis Companive Janu
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
$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%, $13,160 of federal income taxes, $1,380 of medical insurance deductions, and $840 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
Req 2
Prepare the journal entry record Regis Company's January 8 employee payroll expenses and liabilities.
Note: Round your answers to 2 decimal places.
View transaction list
Journal entry worksheet
<
1
Record the employee payroll expenses and liabilities for the first weekly pay
period of the year.
Note: Enter debits before credits.
Date
January 08
General Journal
Debit
Credit
Clear entry
Record entry
View general journal
< Req 1A
Req 2 >
>"
Transcribed Image Text:ces
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
$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%, $13,160 of federal income taxes, $1,380 of medical insurance deductions, and $840 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
Req 2
Prepare the journal entry record Regis Company's January 8 employee payroll expenses and liabilities.
Note: Round your answers to 2 decimal places.
View transaction list
Journal entry worksheet
<
1
Record the employee payroll expenses and liabilities for the first weekly pay
period of the year.
Note: Enter debits before credits.
Date
January 08
General Journal
Debit
Credit
Clear entry
Record entry
View general journal
< Req 1A
Req 2 >
>
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