Problem 11-2A (Algo) Entries for payroll transactions LO P2, P3

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $27,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,660 of federal income taxes, $1,370 of medical insurance deductions, and $780 of union dues. No employee earned more than $7,000 in this first period.

Required:

1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regiss state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Already Solved!

1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities.

2. Prepare the journal entry to record Regiss employer payroll taxes resulting from the January 8 payroll. Regiss state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. Already solved!

Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. Note: Round your answers to 2 decimal places