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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.

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Collen Von
Collen VonLv2
28 Sep 2019

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On January 8, the end of the first weekly pay period of the

year, Royal Company's payroll register showed that itsemployees

earned $21,760 of office salaries and $60,840 of salessalaries.

Withholdings from the employees' salaries include FICASocial

Security taxes at the rate of 6.20%, FICA Medicare taxes atthe

rate of 1.45%, $13,560 of federal income taxes, $1,340 ofmedical

insurance deductions, and $880 of union dues. No employeeearned

more than $7,000 in this first period.


1.1 Calculate FICA Social Security taxes payable andFICA

Medicare taxes payable by the employees of RoyalCompany.



FICA—Social sec. taxes payable $
FICA—Medicaretaxes payable $
1.2

Prepare the journal entry to recordRoyal Company's January 8 (employee) payroll expenses andliabilities. (Roundyour answers to 2 decimal places. Omit the "$" sign in yourresponse.)


Date General Journal Debit Credit
Jan. 8
2.

Prepare the journal entry to recordRoyal's (employer) payroll taxes resulting from the January 8payroll. Royal's merit rating reduces its state unemployment taxrate to 6% of the first $7,000 paid each employee. The federalunemployment tax rate is 0.8%. (Round your answers to 2decimal places. Omit the "$" sign in your response.)

Date General Journal Debit Credit
Jan. 8

The following monthly data are taken from Ramirez Company atJuly 31: Sales salaries, $200,000; Office salaries, $160,000;Federal income taxes withheld, $90,000; State income taxeswithheld, $20,000; Social security taxes withheld, $22,320;Medicare taxes withheld, $5,220; Medical insurance premiums,$7,000; Life insurance premiums, $4,000; Union dues deducted,$1,000; and Salaries subject to unemployment taxes, $50,000. Theemployee pays 40% of medical and life insurance premiums.

Record the accrued employer payroll taxes and all otheremployer-paid expenses and the cash payment of all liabilities forJuly-assume that FICA taxes are identical to those on employees andthat SUTA taxes are 5.4% and FUTA taxes are 0.6%

A company's employees had the following earnings records at theclose of the current payroll period:


Employees Earnings through Prior Pay Period Earnings this payperiod
D. Adams 11,300 3,900
J. Hess 6,100 2,500
R. Lui 9,500 3,100
T. Morales 4,800 1,400
L. Vang 10,000 3,000


The company's payroll taxes expense on each employee's earningsincludes: FICA Social Security taxes of 6.2% on the first $84,900plus 1.45% FICA Medicare on all wages; 0.8% federal unemploymenttaxes on the first $7,000; and 2.5% state unemployment taxes on thefirst $7,000. Compute the employer's total payroll taxes expensefor the current pay period.





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