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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

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2E
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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: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
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✔
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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