On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 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%, $12,860 of federal income taxes, $1,410 of medical insurance deductions, and $780 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 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%. 1.2 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 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%. (Round your answers to 2 decimal places.) ****. View transaction list View journal entry worksheet Debit Credit No Date General Journal Jan 08 Payroll taxes expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Deferred income tax liability < Req 18 Reg 2
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $23,760 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%, $12,860 of federal income taxes, $1,410 of medical insurance deductions, and $780 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 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%. 1.2 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 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%. (Round your answers to 2 decimal places.) ****. View transaction list View journal entry worksheet Debit Credit No Date General Journal Jan 08 Payroll taxes expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Deferred income tax liability < Req 18 Reg 2
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 $23,760 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%, $12,860 of federal income taxes, $1,410 of medical insurance deductions, and $780 of union dues.
No employee earned more than $7,000 in this first period.
Required:
1.1 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%.
1.2 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 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%. (Round your answers to 2 decimal
places.)
View transaction list
View journal entry worksheet
No
Date
General Journal
Debit
Credit
1
Jan 08
Payroll taxes expense
FICA-Social sec. taxes payable
FICA-Medicare taxes payable
Deferred income tax liability
Req 1B
Req 2
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