Problem 9-2A Entries for payroll transactions LO P2, P3
On January 8, the end of the first weekly pay period of the
year, Regis Company's employees earned $28,760 of office salaries
and $60,840 of sales salaries. Withholdings from the employees'
salaries include FICA Social Security taxes at the rate of 6.2%,
FICA Medicare taxes at the rate of 1.45%, $13,560 of federal income
taxes, $1,430 of medical insurance deductions, and $960 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 state unemployment tax rate is
5.4% of the first $7,000 paid to each employee. The federal
unemployment tax rate is 0.6%.
1.2 Prepare the journal entry to record Regis
Company's January 8 employee payroll expenses and
liabilities.
2. Prepare the journal entry to record Regis’s
employer payroll taxes resulting from the January 8 payroll.
Regis’s state unemployment tax rate is 5.4% of the first $7,000
paid to each employee. The federal unemployment tax rate is
0.6%.
Regis Company’s: | |||
Tax |
January 8 earnings subject to tax |
Tax Rate | Tax Amount |
FICA-Social Security | 89,600 | 6.20% | 5555.20 |
FICA-Medicare | 89,600 | 1.45% | 1299.20 |
FUTA | 89,600 | 0.60% | 537.60 |
SUTA | 89,600 | 5.40% | 4838.40 |
1.2 | |||
Date | General Journal | Debit | Credit |
Jan 8 | Office salaries expense | 28,760.00 | |
Sales salaries expense | 60,840.00 | ||
FICA—Social sec. taxes payable | 5,555.20 | ||
FICA—Medicare taxes payable | 1,299.20 | ||
Employee fed. inc. taxes payable | 13,560.00 | ||
Employee medical insurance payable | 1,430.00 | ||
Employee union dues payable | 960.00 | ||
Salaries payable | 66,795.60 | ||
2 | |||
Date | General Journal | Debit | Credit |
Jan 8 | Payroll taxes expense | 12,230.40 | |
FICA—Social sec. taxes payable | 5,555.20 | ||
FICA—Medicare taxes payable | 1,299.20 | ||
State unemployment taxes payable | 4,838.40 | ||
Federal unemployment taxes payable | 537.60 |
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $28,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,320 of medical insurance deductions, and $920 of union dues No employee earned more than $7,000...
Problem 9-2A Entries for payroll transactions LO 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 $22.760 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 145%, $13,560 of federal income taxes, $1,390 of medical insurance deductions, and $840 of union dues....
Problem 9-2A Entries for payroll transactions LO 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 $22,760 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%, $13,560 of federal income taxes. $1,390 of medical insurance deductions, and $840 of union dues. No...
Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $24760 of office salaries and $60.840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 62%, FICA Medicare taxes at the rate of 1.45%, $12 660 of federal income taxes, $1370 of medical Insurance deductions, and $800 of union dues No employee earned more than...
Problem 11-2A Entries for payroll transactions P2 P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, S12.860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues. No employee earned more than $7,000 in...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $24,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,760 of federal income taxes, $1,360 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...
Problem 9-2A Entries for payroll transactions LO 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 $21,760 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%, $12,960 of federal income taxes, $1,340 of medical insurance deductions, and $940 of union dues. No...
Problem 11-24 Entries for payroll transactions LO 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 $26,760 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%, $12,860 of federal income taxes, $1,440 of medical insurance deductions, and $800 of union dues. No...
Ruiz 0 Help Save & Exit Submit Problem 9-2A Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,330 of medical insurance deductions, and $820 of union...
On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13.260 of federal income taxes, $1,330 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the...