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P2, P3 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%, $13,660 of federal income taxes, $1,380 of medical insurance deductions, and $820 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 reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA

P2, P3 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%, $13,660 of federal income taxes, $1,380 of medical insurance deductions, and $820 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 reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.12EX: Payroll entries The payroll register for D. Salah Company for the week ended May 18 indicated the...
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Problem 11-2A Entries for payroll transactions LO P2, P3 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 $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%, $13,660 of federal income taxes, $1,380 of medical insurance deductions, and $820 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 reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA Prev 1 of 6 Next> 10:0 a * A 11/13 earch OE)
Transcribed Image Text:Problem 11-2A Entries for payroll transactions LO P2, P3 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 $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%, $13,660 of federal income taxes, $1,380 of medical insurance deductions, and $820 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 reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: January 8 earnings subject to tax Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA Prev 1 of 6 Next> 10:0 a * A 11/13 earch OE)
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