On January 8, the end of the first weekly pay period of the year, Regis Company\

Question

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees eaned $20,760 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, s 1,390 of medical insurance deductions, and S880 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis's merit rating unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's Tax FICA-Social Security FICA-Medicare FUTA SUTA January 8 earnings subject to tax Tax Rate Tax Amount

Explanation / Answer

Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security $81,600 6.20% $5,059.20 FICA-Medicare $81,600 1.45% $1,183.20 FUTA $81,600 0.60% $489.60 SUTA $81,600 5.00% $4,080.00

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