On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $26,760 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%, $13,160 of federal income taxes, $1,340 of medical insurance deductions, and $800 of union dues. No employee earned more than $7,000 in this first period.

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 3% 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 1 > Record the employer's payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Date General Journal Debit Credit Jan 08 Record entry Clear entry View general journal