Business, 05.05.2020 11:55 lfox21

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $23,760 of office salaries and $60,840 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%, $13,360 of federal income taxes, $1,320 of medical insurance deductions, and $940 of union dues. No employee earned more than $7,000 in this first period.

Required:

a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.60%.
b. Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities.
c. Prepare the journal entry to record Regis?s (employer) payroll taxes resulting from the January 8 payroll. Regis?s merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%.

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On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register s...

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