On January 8, the end of the first weekly pay period of the year, Regis Companys payroll register showed that its employees earned $22,760of 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.

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned S22,760 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. Required 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round amounts to cents.) Check (1) Cr. Salaries Payable, $66,782.10 state unemployment tax rate to 4% of the first S7 000 paid each employee. The federal unemployment tax rate is 0.6%. (Round amounts to 2. Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January 8 payroll. Regis's merit rating reduces its cents.) Page 499 2) Dr.Payroll Taxes Expense, $10,853.50