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%, $13,360 of federal income taxes, $1,340 of medical insurance deductions, and $860 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.) Tax Rate Tax Amount Regis Company's: Tax 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 liabilities. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet NO Date General Journal Credit 1 Jan 08 Debit 24,760.00 70,840.00 Office salaries expense Sales salaries expense FICA-Social sec. taxes payable FICA-Medicare taxes payable Employee medical insurance payable Employee union dues payable 5,927.20 1,386.20 1,340.00 860.00 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.) View transaction list View journal entry worksheet No Date Debit Credit General Journal No Transaction Recorded 1 Jan 08