11-3 Twin City Enterprises had the following information available for the payroll of May 31st: Wages Earned Federal Income Tax Withheld State Income Tax Withheld $365,000 54,750 18,000 All wages are subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal Unemployment Tax of 0.70% and State Unemployment Tax of 1.50% is payable on $240,000 of the wages. Calculate the following amounts. 1. Social Security withholding 2. Medicare withholding 3. FUTA 4. SUTA 5. Total withholdings 6. Net Wages 7. Total cost to the company Prepare the journal entry to record wages and withholdings. Prepare the journal entry to record payroll taxes