None cesProblem 11-2A (Algo) Entries for payroll transactions LO P2, P3On 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%, FICAMedicare 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 thefirst $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 unemploymenttax 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 1AReq 1BReq 2Prepare the journal entry record Regis Company's January 8 employee payroll expenses and liabilities.Note: Round your answers to 2 decimal places.View transaction listJournal entry worksheet<1Record the employee payroll expenses and liabilities for the first weekly payperiod of the year.Note: Enter debits before credits.DateJanuary 08General JournalDebitCreditClear entryRecord entryView general journal< Req 1AReq 2 >>

Payroll taxes:The taxes that are payable by the employer as well as by employees on wages, bonuses,…

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

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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