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On January 8, the end of the first weekly pay period of the year, Regal Company's payroll register showed that its employees earned $25,760 of office...
On January 8, the end of the first weekly pay period of the year, Regal Company's payroll register showed that its employees earned $25,760 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%, $12,960 of federal income taxes, $1,390 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period.(round all answers to 2 decimal places)Requirement 1:Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regal Company’s January 8 (employee) payroll expenses and liabilities.Requirement 2Prepare the journal entry to record Regal’s (employer) payroll taxes resulting from the January 8 payroll. Regal’s merit rating reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is .80%.
