On January 8, the end of the first weekly pay period of theyear, Regis Company's employees earned $24,760 of office salariesand $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%, $13,660 of federal incometaxes, $1,350 of medical insurance deductions, and $880 of uniondues. No employee earned more than $7,000 in this firstperiod.Required:1-a. Calculate below the amounts for each ofthese four taxes of Regis Company. Regis’s state unemployment taxrate is 5.4% of the first $7,000 paid to each employee. The federalunemployment tax rate is 0.6%.1-b. Prepare the journal entry to recordRegis Company's January 8 employee payrollexpenses and liabilities.2. Prepare the journal entry to recordRegis’s employer payroll taxes resulting fromthe January 8 payroll. Regis’s state unemployment tax rate is 5.4%of the first $7,000 paid to each employee. The federal unemploymenttax rate is 0.6%.
- Question 12 On January 8 The End Of The First Weekly Pay Period Of The Year Regis Company S Employees Earned 24 760 O 1 (26.9 KiB) Viewed 30 times
- Question 12 On January 8 The End Of The First Weekly Pay Period Of The Year Regis Company S Employees Earned 24 760 O 2 (20 KiB) Viewed 30 times
- Question 12 On January 8 The End Of The First Weekly Pay Period Of The Year Regis Company S Employees Earned 24 760 O 3 (21.57 KiB) Viewed 30 times
Journal entry worksheet 1 Record the employee payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Date January 08 General Journal Debit Credit
Journal entry worksheet 1 Record the employer's payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Date January 08 Record entry General Journal Clear entry Debit Credit View general journal