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 $22,760 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%, $12,660 of federal income taxes, $1,420 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 3% 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 FICA-Social Security FICA-Medicare FUTA SUTA January 8 earnings subject to tax 93,600 93,600 93,600 93,600 6.20% 1.45% 0.60% 3.00% Tax Amount 5,803 20 1,357.20 561.60 2,800.00 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.) 0.66 points No Dato 1 Jan 08 Credit Answer is complete but not entirely correct. General Journal Debit Office salaries expense 22,760.00 Sales salaries expense 70,840.00 FICA Social sec. taxes payable FICA-Medicare taxes payable Employee fed. inc. taxes payable Employee medical insurance payable Employee union dues payable Salaries payable OOOOOOO 5.803.20 1,357.20 12,860.00 1,430.00 900.00 70,909.60 OOO 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 3% 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 Jan 08 Debit Credit 1 11,466.00 General Journal Payroll taxes expense FICA-Social sec, taxes payable FICA-Medicare taxes payable State unemployment taxes payable Federal unemployment taxes payable OOOOO 5,803.20 1,357.20 3,744.00 561.60