On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,460 of federal income taxes, $1,350 of medical insurance deductions, and $880 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 merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: Tax FICA-Social Security FICA-Medicare FUTA SUTA Answer is complete and correct. January 8 earnings subject to tax $ 93,600✔ 93,600✔ 93,600✔ 93,600✔ Tax Rate 6.20%✔ 1.45%✔ 0.60% ✔ 5.00% ✔ Tax Amount 5,803.20 1,357.20 561.60 4,680.00
On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,460 of federal income taxes, $1,350 of medical insurance deductions, and $880 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 merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: Tax FICA-Social Security FICA-Medicare FUTA SUTA Answer is complete and correct. January 8 earnings subject to tax $ 93,600✔ 93,600✔ 93,600✔ 93,600✔ Tax Rate 6.20%✔ 1.45%✔ 0.60% ✔ 5.00% ✔ Tax Amount 5,803.20 1,357.20 561.60 4,680.00
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 payroll register showed that its employees earned
$22,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes
at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,460 of federal income taxes, $1,350 of medical insurance
deductions, and $880 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 merit rating reduces its state unemployment
tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal
places.)
Regis Company's:
Tax
FICA-Social Security
FICA-Medicare
FUTA
SUTA
Answer is complete and correct.
January 8 earnings
subject to tax
93,600✔
93,600✔
93,600✔
93,600✔
Tax Rate
6.20% ✔
1.45%✔
0.60%✔
5.00% ✔
Tax Amount
5,803.20
1,357.20
561.60
4,680.00
Transcribed Image Text:1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers
to 2 decimal places.)
No
1
Date
Jan 08
X Answer is not complete.
General Journal
Office salaries expense
Sales salaries expense
FICA-Social sec. taxes payable
FICA-Medicare taxes payable
Employee fed. inc. taxes payable
Employee medical insurance payable
Employee union dues payable
Salaries payable
33333333
Debit
22,760.00✔
70,840.00✔
Credit
5,803.20
1,357.20✔
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