(Solved): On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earne ...

On January 8 , the end of the first weekly pay period of the year, Regis Company's employees earned \( \$ 26,760 \) of office salaries and \( \$ 70,840 \) of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of \( 6.2 \% \), FICA Medicare taxes at the rate of \( 1.45 \%, \$ 12,760 \) of federal income taxes, \( \$ 1,450 \) of medical insurance deductions, and \( \$ 900 \) of union dues. No employee earned more than \( \$ 7,000 \) in this first period. Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's state unemployment tax rate is \( 5.4 \% \) of the first \( \$ 7,000 \) paid to each employee. The federal unemployment tax rate is \( 0.6 \% \). 1-b. Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. 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 \( 0.6 \% \). Calculate below the amounts for each of these four taxes of Regis Company. 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.) Journal entry worksheet Record the employee payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits. Journal entry worksheet Record the employer's payroll expenses and liabilities for the first weekly pay period of the year. Note: Enter debits before credits.