On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $26,760 of office salaries and $60,840 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, $1,400 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period. Required:
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 0.8%.

a) FICA social security taxes payable = (26,760 + 60,840) x 6.2% = $5,431.20

b) FICA - Medicare taxes payable = $87,600 × 1.45% = $1,270.20

c) FUTA - $87,600 × 0.008 = $700.80

d) SUTA -  $87,600 × 0.03 = $2,628

Explanation:

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Office salaries = $26,760

Sales salaries = $60,840

FICA Social Security taxes at the rate of 6.20%

FICA Medicare taxes at the rate of 1.45%

Federal income taxes = $12,960  

Medical insurance deductions = $1,400

Union dues = $920

Journal entries

DateParticulars                                           Debit       Credit

Jan.8Office salaries expenses                   26,760  

               Sales salaries expenses                   60,840  

               FICA social security taxes payable                  5,431.2 0

               FICA - Medicare taxes payable                          1,270.20

               Employee federal income taxes payable            12,960

               Employee medical insurance payable                  1,400

               Employee union due payable                          700

               Salaries payable                                                  65,838.60

Jan.8Payroll taxes payable                             10,030.20  

               FICA social security taxes payable                  5,431.20

               FICA - Medicare taxes payable                          1,270.20

               FUTA                                                                  700.80

               SUTA                                                                  2,628

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