On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $20,760 of office salaries and $60,840 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%, $13,060 of federal income taxes, $1,370 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%. 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 Regis Company's: January 8 Earnings Tax Rate Tax Amount Subject to Tax FICA-Social Security $ 81,600 6.20% $ FICA-Medicare 81,600 1.45% 5,059 20 1,183.20 FUTA 81,600 0.60% 489.60 SUTA 7,000 5.40% 378.00
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $20,760 of office salaries and $60,840 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%, $13,060 of federal income taxes, $1,370 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%. 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 Regis Company's: January 8 Earnings Tax Rate Tax Amount Subject to Tax FICA-Social Security $ 81,600 6.20% $ FICA-Medicare 81,600 1.45% 5,059 20 1,183.20 FUTA 81,600 0.60% 489.60 SUTA 7,000 5.40% 378.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $20,760 of office salaries and
$60,840 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%, $13,060 of federal income taxes, $1,370 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%.
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
Regis Company's:
January 8 Earnings
Tax Rate
Tax Amount
Subject to Tax
FICA-Social Security
$
81,600
6.20% $
FICA-Medicare
81,600
1.45%
5,059 20
1,183.20
FUTA
81,600
0.60%
489.60
SUTA
7,000
5.40%
378.00
<Req 1A
Req 1B >
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