Entries for payroll transactions
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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 $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%, $12,860 of federal income taxes, $1,340 of medical insurance deductions, and $840 of union dues.
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.
2. Prepare the journal entry to pay the January 8 payroll. Regis uses a special payroll bank account.
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