Calculate fica social security taxes payable

Assignment Help Accounting Basics

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

Questions Cloud

Prepare journal entries for bbq master : Prepare journal entries for BBQ Master for BM205 in April and May 2020. Show all dates and calculations.

Provide an overview of qantas business and industry : Provide an overview of Qantas's business and industry (Transportation Service industry) which you believe will be relevant to an audit

Achieving sustainable competitive advantage : A company's resources and capabilities are integral to achieving sustainable competitive advantage.

Discuss how a balanced scorecard can represent cause : Discuss how a Balanced Scorecard can represent cause-and- effect hypotheses of a company's strategy across financial, customer, process

Calculate fica social security taxes payable : Prepare the journal entry to record regis's employer pay roll taxes resulting from the January 8 payroll, regis's state unemployment tax rate

Record a short video in the Bongo Q-A tool : Record a short video in the Bongo Q&A tool, sharing your expectations and understanding of the scenario and corresponding requirements

Corporate generic strategy : What was your one corporate generic strategy as reviewed from our text for the week?

What do you understand by accountability and legitimacy : What do you understand by accountability and legitimacy from the accountant's perspective in the context of reporting information to stakeholders

Transportation and supply chain : Topic "mode of transportation and its impact on the supply chain", or "a mode of transportation and it advantages and disadvantages".

User Account

All Pages