Problem 9-2A Entries for payroll transactions 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 $22,760 of office salanes and S65 840 of sales salaries withholdings from the employees' salaries include FICA Social Security taxes at the rate of 62% ECA Medicare taxes at the rate of 1.45%, S 12,860 of federal income taxes, S 1.340 of medical insurance deductions, and SS40 o union dues. No employee earned more than $7,000 in this first period. Required 1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regis Company's January 8 employee) payroll expenses and liabilities. (Round amounts to cents.) Check () Cr Salaies Payable, $66,782 10 2. Prepare the journal entry to record Regis's (employer) payroll taxes resulting from the January S payroll. Regis's merit rating reduces its state unemployment tax rate to 4% of the first S 7,000 paid each employee. The federal unemployment tax rate is 06% (Round amounts to cents Dr. Payroll Taxes Expense, $10,853.50