CSecure https: Homework 10b (Payrol Sasu Help Save& Exlt Submit Check my work On

Question

CSecure https: Homework 10b (Payrol Sasu Help Save& Exlt Submit Check my work On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees eamed $21.760 of affice salaries ?nd $60,840 af sales selaries. Withholdings form the ernployees, salaries incluce FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes et the ate of 1.45%. ST3.460 of federal income taxes. S1.410 ot medical insurance deduct ons, and $920 of union dues. Na amplay arnad mare than $7,000 in this first pariad. 1.1 Celculete below the amounts for esci of these four taxes of Regis Company. Regis's merit rating reduces its state urempoymert te rate to 5% of the irst $7000 paid eaen employee. The rederal unemployment tax rate is 60% Round your answers to 2 decimal places) 042k January B arnings Tax Rate FICA-Social Securtty FUTA SUTA 1.2 Prepare the journal entry to rocord Rogis Companys Jaruary to 2 decimal places.) (amplayec) payral axpenses and liabilities. Round your answers view transaction ist Journal entry worksheet Record the er"ploy? payroll expenses end ilebilres fur tre frst weekly pay perod of tha year Noa: En Next

Explanation / Answer

Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security 82600 6.20% 5121.20 FICA-Medicare 82600 1.45% 1197.70 FUTA 82600 0.60% 495.60 SUTA 82600 5.00% 4130.00 Date General Journal Debit Credit 8-Jan Office salaries expense 21,760.00 Sales salaries expense 60,840.00 FICA—Social sec. taxes payable 5,121.20 FICA—Medicare taxes payable 1,197.70 Employee fed. inc. taxes payable 13,460.00 Employee medical insurance payable 1,410.00 Employee union dues payable 920 Salaries payable 60,491.10

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