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 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%.
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%. (Round your answers to 2 decimal places.)
req 1a
|
Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.)
No | Date | General Journal | Debit | Credit |
---|---|---|---|---|
1 | Jan 08 | Office salaries expense | 24,760.00 | |
Sales salaries expense | 60,840.00 | |||
FICA—Social sec. taxes payable | 5,307.20 | |||
FICA—Medicare taxes payable | 1,241.20 | |||
Employee fed. inc. taxes payable | ||||
Employee medical insurance payable | ||||
Employee union dues payable | ||||
Salaries payable |
Rec B
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%. (Round your answers to 2 decimal places.)
No | Date | General Journal | Debit | Credit |
---|---|---|---|---|
1 | Jan 08 | Payroll taxes expense | ||
FICA—Social sec. taxes payable | ||||
FICA—Medicare taxes payable | ||||
Federal unemployment taxes payable | ||||
State unemployment taxes payable |
Regis Company’s: | |||
Tax |
January 8 earnings subject to tax |
Tax Rate | Tax Amount |
FICA-Social Security | 85,600 | 6.20% | 5307.20 |
FICA-Medicare | 85,600 | 1.45% | 1241.20 |
FUTA | 85,600 | 0.60% | 513.60 |
SUTA | 85,600 | 5.40% | 4622.40 |
1.2 | |||
Date | General Journal | Debit | Credit |
Jan 8 | Office salaries expense | 24,760.00 | |
Sales salaries expense | 60,840.00 | ||
FICA—Social sec. taxes payable | 5,307.20 | ||
FICA—Medicare taxes payable | 1,241.20 | ||
Employee fed. inc. taxes payable | 12,760.00 | ||
Employee medical insurance payable | 1,360.00 | ||
Employee union dues payable | 920.00 | ||
Salaries payable | 64,011.60 | ||
2 | |||
Date | General Journal | Debit | Credit |
Jan 8 | Payroll taxes expense | 11,684.40 | |
FICA—Social sec. taxes payable | 5,307.20 | ||
FICA—Medicare taxes payable | 1,241.20 | ||
State unemployment taxes payable | 4,622.40 | ||
Federal unemployment taxes payable | 513.60 |
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