How do you find the Salaries payable?
Problem 11-2A (Algo) Entries for payroll transactions LO P2, P3 On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $25,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,360 of federal income taxes, $1,370 of medical insurance deductions, and $840 of union dues. No employee earned more than $7.000 in this first period. Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company, Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6% 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll, Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6% Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is 5.4% of the first $7,000 pald to each employee. The federal unemployment tax rate is 0.6%. 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5,4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 Prepare the Journal entry to record Regis congary's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) No Date January 08 Credit 1 Dobit 25.760.00 70,840.00 General Journal Office salaries expense Sales salaries expense FICA-Social security taxes payable FICA-Medicare taxes payable Employee federal income taxes payable Employee medical insurance payable Employee union dues payable Salarios payable lololololo 5,989.20 1.400.70 13,360.00 1,370.00 840.00 70.921.10