Question

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 this first period. Required 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Round amounts to cents. 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%. Round amounts to cents. Check 1 Salaries Payable. 566.782 10 20 Payroll Tres Expense. $12.093.90

Answer 1

B FICA Social Security taxes payable FICA Medicare taxes payable $5,493.20 $1,284.70 Journal Entry: Date Credit Debit $22,760.00 Account Titles and Explanation Office salaries expense Sales salaries expense FICA Social Security taxes payable FICA Medicare taxes payable Federal income taxes payable Medical insurance payable Union dues payable Salaries payable (To record salaries expense) $5,493.20 $1,284.70 $12.860.00 $1,340.00 $840.00 $66,782.10 Credit Date Jan. 8 Debit $12,093.90 Account Titles and Explanation Payroll tax expense FICA Social Security taxes payable FICA Medicare taxes payable Federal unemployment tax payable State unemployment tax payable (To record payroll tax expense) $5,493.20 $1,284.70 $531.60 $4.784.40

Calculations are shown below: В ДА 11 FICA Social Security taxes payable FICA Medicare taxes payable =(22760+65840)*6.2% =(22760+65840)*1.45% Journal Entry: Debit Credit 22760 165840 TEC2 =C3 Date Account Titles and Explanation Jan. 8 Office salaries expense Sales salaries expense FICA Social Security taxes payable FICA Medicare taxes payable Federal income taxes payable Medical insurance payable Union dues payable Salaries payable (To record salaries expense) 12860 1340 840 =(C8+C9)-SUM(D10:D14) Debit Credit I=SUMD22:D25) 19 2 20 Date Account Titles and Explanation 21 Jan. 8 Payroll tax expense FICA Social Security taxes payable 23 FICA Medicare taxes payable Federal unemployment tax payable State unemployment tax payable (To record payroll tax expense) =D10 =D11 =(C8+C9)*0.6% =(C8+C9)*5.4%