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 $23,760 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%, $13,460 of federal income taxes, $1.390 of medical insurance deductions, and $960 of union dues. No employee earned more than $7,000 in this first period. Required: 11 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 Rate Tax Amount January 8 earnings subject to tax $ 94,600 94.600 94,600 94,600 FICA-Social Security FICA-Medicare FUTA SUTA 6 20% 1 45% 5,86520 1,371.70 567 60 2.838.00 0.60% 300% 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.) Answer is not complete. No Debit Date Jan 08 Credit 1 Olo 23,760.00 70,840.00 General Journal Office salaries expense Sales salaries expense FICA-Social sec taxes payable FICA-Medicare taxes payable Employee fed inc taxes payable Employee medical insurance payable Employee union dues payable Salaries payable 5,86520 1,371.70 13,460.00 1,390.00 960.00 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 3% of the first $7.000 paid each employee The federal unemployment tax rate is 0.50% (Round your answers to 2 decimal places.) No Date Credit Debit 11,588 50 1 Jan 08 Answer is not complete. General Journal Payroll taxes expense FICA-Social sec taxes payable FICA-Medicare taxes payable State unemployment taxes payable Federal unemployment taxes payable 5,865.20 1,371.70 567.60