Problem 9-2A Entries for payroll transactions LO P2, P3

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $24,760 of office salaries and $60,840 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%, $13,160 of federal income taxes, $1,360 of medical insurance deductions, and $940 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 state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1.2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regiss employer payroll taxes resulting from the January 8 payroll. Regiss state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.

Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) General Journal Debit No Date Credit Office salaries expense Jan 08 24,760.00 Sales salaries expense 60,840.00 FICA-Social sec. taxes payable 5,307.20 FICA-Medicare taxes payable 1,241.20 Employee union dues payable 13,160.00 Employee medical insurance payable 1,360.00 Employee union dues payable 940.00 Salaries payable 22,008.40 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2 Req 1A Req 1B Prepare the journal entry to record Regis's employer payroll taxes resulting from the January 8 payroll. Regis's state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.) Debit Credit No Date General Journal Payroll taxes expense Jan 08 FICA-Social sec. taxes payable 5,307.20 FICA-Medicare taxes payable 1,241.20 State unemployment taxes payable Federal unemployment taxes payable