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 Companys payroll register showed that its employees earned $22,760 of office salaries and $65,840 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%, $12,860 of federal income taxes, $1,340 of medical insurance deductions, and $840 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 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.)

1.2 Prepare the journal entry to record Regis Companys January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.) 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 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.)