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Business, 25.11.2021 05:50 nell1234565

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $25,760 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%, $13,360 of federal income taxes, $1,380 of medical insurance deductions, and $960 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 0.8%. (Round your answers to 2 decimal places.)

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.)

2. Prepare the journal entry to record Regis’s (employer) payroll taxes resulting from

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On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $...

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