Question:
On January 8, the end of the first weekly pay period of the year, Regis Company's pa...
Business, 14.04.2020 21:42 lucywood2024
Question:
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%, $12,960 of federal income taxes, $1,360 of medical insurance deductions, and $820 of union dues.
No employee earned more than $7,000 in this first period.
1. Calculate the amounts for each of these four taxes of Regis Company. Regis' merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid to each employee.
The federal unemployment tax rate is 0.8%. (Round your answers to 2 decimal places.)
is 0.8%. (Round your answers to 2 decimal places.)
Regis Company
Tax January 8 Earnings subject to tax Tax Rate Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
2. Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)
Date General Journal Debit Credit
Answers: 3
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