1. Create a Payroll Spreadsheet. Create a data input area within your spreadsheet with the following withholding information. This info should be used in formulas when calculating the payroll information. i. Federal Income Taxes: Assume all employees withhold 25% ii. State Income Taxes: Assume NY employees withhold 5% and CO employees withhold at 10%. 111. FICA: Calculate BOTH employee and employer amounts for BOTH portions of FICA. 1. For 2019, assume that the 6.2% Social Security taxes are paid only on the first $128,400 in wages. 2. For 2019, assume that the 1.45% Medicare Tax are paid only on all wages. iv. Health Insurance: Monthly premium is $400 for those who elect coverage. b. Employee Information: Assume the following payroll information for the month of December and year-to-date totals as of November 30 (needed for calculating some of the taxes properly). Year-to-Date Wages as of 11/30/19 Wages for December 2019 Elected Health Care Insurance? Employee State of Residency $55,000 $5,000 108,000 9,000 NY | ZKZ K 137,500 12,500 NY 38,000 6,500 CO 220,000 20,000 NY 2. Calculate the amount of each type of payroll taxes, other withholdings and net pay for each employee for the December payroll. a. Based on the total amounts of the five employees, create the journal entry (or entries) to record all transactions associated with the December 31 payroll. i. For each type of calculation (FICA, federal income taxes, etc.) you should apply the same formula for each of the same employees; there should NOT be different formulas for different employees based on compensation amounts