P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its 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 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,660 of federal income taxes, $1,380 of medical insurance deductions, and $820 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 2% 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: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA

P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its 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 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,660 of federal income taxes, $1,380 of medical insurance deductions, and $820 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 2% 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: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA

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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On January 8, the end of the first weekly pay perlod of the year, Regis Company's employees earned $21,760 of office salarles and $70,840 of sales salarles. Withholdings from the employees' salarles Include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,560 of federal Income taxes, $1,400 of medical Insurance deductions, and $880 of union dues. No employee eamed 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 pald 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 liabilitles. 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…
The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and $7,650 of Medicare tax withheld on total salaries of $510,000 for the period. Retirement savings withheld from employee paychecks were $30,600 for the period. Federal withholding for the period totaled $100,980. Provide the journal entry for the period’s payroll.
At the end of October, the payroll register for Garden Marbles Corporation contained the following totals: wages, $742,000; federal income taxes withheld, $189,768; state income taxes withheld, $31,272; Social Security tax withheld, $46,004; Medicare tax withheld, $10,759; medical insurance deductions, $25,740; and wages subject to unemployment taxes, $114,480. Determine the total and components of the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unemployment tax of 5.4 percent, and medical insurance premiums for which the employer pays 80 percent of the cost
XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000. Federal income tax withheld from employee paychecks totaled $1,100. The social security tax rate is 6%, the Medicare tax rate is 1.5%, the state unemployment tax rate is 5.4% and the federal unemployment tax rate is .8%. a) Journalize the payroll entry for the week. DATE Debit Credit X/X b) Journalize the payroll tax entry for the week. DATE Debit Credit X/X
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Bart Consulting Firm has the following payroll information for the week ended March 20th: Name Earnings at the end of the previous week Sun. Mon. Tues. Wed. Thurs. Fri. Sat. Pay Rate Federal Income Tax Lauren, F 14,400 8 8 8 8 8 30.00 222.52 Baylor, M 12,000 8 8 8 8 8 25.00 178.55 Lims, T 7,200 8 8 8 8 8 15.00 78.00 Tate, C 6,000 8 8 8 8 8 15.00 62.00 Musker, J 4,320 8 8 8 15.00 15.00 Mako, W 3,888 8 8 8 13.50 11.00 Additional Information: Taxable earnings for Social Security are based on the first $132,900. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week. Round amounts to the nearest penny. What you must do: Complete the attached Payroll Register (Excel Spreadsheet). Use the following information to help: The Social Security tax rate is 6.2 percent. The Medicare tax…
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The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $174,000 Federal income tax withheld $63,184 Warehouse salaries 96,000 Social security tax withheld 21,540 Office salaries 89,000 Medicare tax withheld 5,385 $359,000 Retirement savings 7,898 Group insurance 6,462 $104,469 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30, to record the payroll. Date Account Debit Credit Dec. 30 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the…
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