Saved Help Save & Exit Submit 1 Homework Check my work On January 8, the end of

Question

Saved Help Save & Exit Submit 1 Homework 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 earned $23760 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%, $13,460 of federal income taxes, $1,320 of medical insurance deductions, and $800 of union dues. No employee earned more than $7000 in this first period Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis's merit rating reduces its state unemployment tax rate to 3% of the first $7000 paid each employee. The federal unemployment tax rate is 0.60% Round your answers to 2 decimal places.) eniceRegis Company January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FUTA SUTA 1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)

Explanation / Answer

Regis Company's

1.1) Earnings = $23760 + $70840 =

1.2) Journal Entry :-

2) Journal Entry :-

Tax Earnings Subject to tax Tax Rate Tax Amount FICA-Social Security $94600 6.20 5865 FICA-Medicare $94600 1.45 1372 FUTA $94600 0.60 568 SUTA $94600 3.00 2838

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