Question: Need help figuring this out. Help On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed

Help On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12.960 of federal income taxes, $1,390 of medical insurance deductions, and $860 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 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Regis Company's: Tax January 8 earnings subject to tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA 1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet help Save 2. Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January 8 payroll. Regis's merit rating reduces its state unemployment tax rate to 5% of the first $7.000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet
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