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Business, 14.04.2020 21:42 lucywood2024

Question:
On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $24,760 of office salaries and $70,840 of sales salaries.

Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,960 of federal income taxes, $1,360 of medical insurance deductions, and $820 of union dues.

No employee earned more than $7,000 in this first period.

1. Calculate the amounts for each of these four taxes of Regis Company. Regis' merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid to each employee.

The federal unemployment tax rate is 0.8%. (Round your answers to 2 decimal places.)

is 0.8%. (Round your answers to 2 decimal places.)

Regis Company

Tax January 8 Earnings subject to tax Tax Rate Tax Amount
FICA-Social Security
FICA-Medicare
FUTA
SUTA
2. Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)

Date General Journal Debit Credit

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