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On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $23,760 of

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On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $23,760 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 145%. $12.960 of federal income taxes, $1440 of medical insurance deductions, and $820 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 4% 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 Tax Rate Tax Amount January 8 earnings subject to tax 5 84,600 84.600 34,600 84 600 6.20% 1.459 FICA Social Security FICA-Medicare FUTA SUTA 5.245 20 1226.70 Journal entry worksheet

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