Problem 11-24 Entries for payroll transactions LO P2, P3 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%, $12,860 of federal income taxes, $1,440 of medical insurance deductions, and $800 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.) X Answer is complete but not entirely correct. Regis Company's: Tax Tax Rate Tax Amount 6.20% January 8 earnings subject to tax $ 97,600 97,600 X 97.600 x FICA-Social Security FICA-Medicare 6,051.20 1.45% 1,415.20 780.80 FUTA 0.80% X SUTA 97,600 X 2.00% X 1,952.00 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.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Jan 08 Office salaries expense 26,760.00 OOO 70,840.00 X Sales salaries expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Income taxes payable Employee medical insurance payable Employee union dues payable Salaries payable 6,051.20 X 1,415.20 X 13,660.00 X 1,350.00 X OOO 820.00 X 74,303.60 X 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 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Jan 08 10,199.20 X Payroll taxes expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable 6,051.20 X 1,415.20 X 780.80 x 1,952.00 X