Calculate fica social security taxes payable

Reference no: EM132987020

Question: 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. No employee earned more than $7,000 in this first period.

-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. Check (1) cr. salaries payable $66,782.10

-Prepare the journal entry to record regis's employer pay roll 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. (2) Dr. payroll taxes expenses $12,093.90

Reference no: EM132987020

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