Need help with red errors.
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $28,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,660 of federal income taxes, $1,340 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 in this first period. Required: 1-a. 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 paid to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 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 rate is 0.6%
Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 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 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.) Tax Rate Tax Amount Regis Company's: January 8 Earnings Subject to Tax $ 99,600 99,600 99,600 99,600 Tax FICA—Social Security FICA—Medicare FUTA SUTA 6.20% 1.45% 0.60% 5.40% $ 6,175.20 1,444.20 597.60 5,378.40 < Req 1A Req 1B >
Reg 1A Reg 1B Reg 2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) Credit No 1 Date January 08 Debit 28,760.00 70,840.00 General Journal Office salaries expense Sales salaries expense FICA—Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Employee medical insurance payable Employee union dues payable Salaries payable 6,175.20 1,444.20 12,660.00 1,340.00 880.00 77,840.00 < Req 1A Req 2 >
Reg 1A Reg 1B Reg 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 rate is 0.6%. (Round your answers to 2 decimal places.) No Credit Date January 08 Debit 12,660.00 1 General Journal Payroll taxes expense FICA–Social security taxes payable FICA—Medicare taxes payable State unemployment taxes payable Federal unemployment taxes payable 6,175.20 1,444.20 4.980.00 597.60 < Req 1B Reg 2
Need help with red errors.
-
answerhappygod
- Site Admin
- Posts: 899604
- Joined: Mon Aug 02, 2021 8:13 am
Need help with red errors.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!