Calculate the current that will be going
through each resistor and multiply that times the voltage applied.
For Example, if you put a 470 ohm resistor in series with a 2 volt Red LED, across the 5 volt output of the regulator, then the resistor will drop 3 volts by itself. 3 volts divided by 470 ohms gives a current of 6.4 milliamps. The power dissipated by the resistor will be 3 volts times 6.4 milliamps for 19.2 milliwatts. That's about 1/52 of a watt, a lot less than 1/8 of a watt.