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

On January 8, the end of the first weekly pay period of the year, Regis Company\'s payroll register showed that its employees eaned $20,760 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%, $13,360 of federal income taxes, s 1,390 of medical insurance deductions, and S880 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 unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company\'s Tax FICA-Social Security FICA-Medicare FUTA SUTA January 8 earnings subject to tax Tax Rate Tax Amount

Solution

Regis Company’s: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security $81,600 6.20% $5,059.20 FICA-Medicare $81,600 1.45% $1,183.20 FUTA $81,600 0.60% $489.60 SUTA $81,600 5.00% $4,080.00