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 $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%, $13,260 of federal income taxes, $1,320 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. Regiss merit rating reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

Regis Companys:
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.)

Journal entry worksheet

Record the employee 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

2. Prepare the journal entry to record Regiss (employer) payroll taxes resulting from the January 8 payroll. Regiss merit rating reduces its state unemployment tax rate to 2% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

Journal entry worksheet

Record the employers 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