6 On January 8, the end of the first weekly pay period of the year, Regis Compan

Question

6 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%, $13,660 of federal income taxes, $1,390 of medical insurance deductions, and $860 of union dues. No employee earned more than $7,000 in this first period. 1.53 points Required: 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 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) eBook Regis Company's January 8 earnings subject to tax ?? Tax Rate Tax Amount Print 5,245.20 FICA-Social Security FICA-Medicare FUTA SUTA 6.20% 1.45% 0.50% 5.00% 84,600 References 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit Jan 08Payrol taxes expense

Explanation / Answer

Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security $84,600 6.20% $5,245.20 FICA-Medicare $84,600 1.45% $1,226.70 FUTA $84,600 0.60% $507.60 SUTA $84,600 5.00% $4,230.00 1.2 Date General Journal Debit Credit 8-Jan Office salaries expense 23,760.00 Sales salaries expense 60,840.00 FICA—Social sec. taxes payable 5,245.20 FICA—Medicare taxes payable 1,226.70 Employee fed. inc. taxes payable 13,660.00 Employee medical insurance payable 1,390.00 Employee union dues payable 860 Salaries payable 62,218.10

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