Problem 11-2A 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 $24,760 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%, $12,860 of federal income taxes, $1,350 of medical insurance deductions, and $920 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.) Answer is complete and correct. Regis Company's: Tax Tax Rate Tax Amount FICA-Social Security FICA-Medicare FUTA SUTA January 8 earnings subject to tax $ 95,600 95,600 95,600 95,600 6.20% 1.45% 0.60% 4.00% 5,927.20 1,386,20 573.60 3.824.00 1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilitles. (Round your answers to 2 decimal places.) Answer is not complete. Ne Date Credit 1 Jan 08 Debit 24,760.00 70,840.00 12,860.00 General Journal Office salaries expenso Sales salaries expense Employee fed. Inc. taxes payable FICA Social sec. taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee union dues payable Salarios payable 5,927 203 000 1,386,20 1,350,00 920.00 73,156 60 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 not complete. No Dato Jan 08 Debit 1 Credit 11,711.00 General Journal Payroll taxes expense FICA --Social sec. taxes payable FICA Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable 5.927.20 1,386,20 30 573.60 3,824.00