Calculate the amounts for FICA-Social Security tax

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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 $23,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,380 of medical insurance deductions, and $820 of union dues. No employee earned more than $7,000 in this first period.

Required - Calculate the amounts for each of these four taxes of Regis Company. Regis's merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%.

1. FICA-Social Security

2. FICA-Medicare

3. FUTA

4. SUTA

Reference no: EM133087531

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