Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 6% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%

Problem 11-2A Entries for payroll transactions LO P2, P3

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $24,760 of office salaries and $60,840 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%, $13,160 of federal income taxes, $1,420 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 in this first period.

Required:
1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 6% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%

TAX	January 8 earnings subject to tax	Tax rate	Tax amount
FICA - Social Security
FICA - Medicare
FUTA
SUTA

Expert Solution

Regis Company’s:
Tax	January 8 earnings subject to tax	Tax Rate	Tax Amount
FICA-Social Security	85,600	6.20%	5307.20
FICA-Medicare	85,600	1.45%	1241.20
FUTA	85,600	0.60%	513.60
SUTA	85,600	6.00%	5136.00

ekkarill92 answered 3 years ago

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay.

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay throughAugust 31 Gross Pay for September a. $ 6,000 $ 1,500 b. 2,750 2,850 ...

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay

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Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $48,000. Tax rates are as follows:

Payroll Entries Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $48,000. Tax rates are as follows: Social security 6.0% Medicare 1.5% 5.4% State unemployment Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $64,000. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record...

Question

Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 6% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%

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Expert Solution

Related Solutions

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay.

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $118,500 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay

Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $48,000. Tax rates are as follows: