Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of
ID: 2548507 • Letter: P
Question
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the rst weekly pay period of the year, Regis Company's payroll register showed that ts employees eamed $21,760 of office salaries and $70.840 of sales salaries Wihholdings from the employees' salaries indde FICA Social Securty taxes at the rate of62%, FCA Modare tians at the rate of 1 45%$13,460 of ederal none taxes. S1.330 of moical riurneo deductons, and S060ofun ondos5w, ergi yoe oared mrethan. $7,000 in this first pay period Required nenek yment tax ate to 4% of the fest $700 paid to oach employee The federal employmont tax rate is 00 % 1.1Cal date below an onts tor oach ofthese four taxes of Regs Company Regis's ment rat ngredces its stato Round your answers to 2 decimal places January 8 earnings Tax Rate FICA Socal Security FICA Medcare FUTA SUTAExplanation / Answer
Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security $92,600 6.20% $5,741.20 FICA-Medicare $92,600 1.45% $1,342.70 FUTA $92,600 0.60% $555.60 SUTA $92,600 4.00% $3,704.00 Date General Journal Debit Credit 8-Jan Office salaries expense 21,760.00 Sales salaries expense 70,840.00 FICA—Social sec. taxes payable 5,741.20 FICA—Medicare taxes payable 1,342.70 Employee fed. inc. taxes payable 13,460.00 Employee medical insurance payable 1,330.00 Employee union dues payable 960 Salaries payable 69,766.10 Date General Journal Debit Credit 8-Jan Payroll taxes expense 11,343.50 FICA—Social sec. taxes payable 5,741.20 FICA—Medicare taxes payable 1,342.70 State unemployment taxes payable 3,704.00 Federal unemployment taxes payable 555.60