12-1A Objective: To calculate and record employer's payroll taxes Selected information about six employees follows: Employee Current Week's Gross Pay Prior Weeks' Gross Pay Ben Cassidy $465.50 $4,900.75 Carl Erer 555.75 5,680.30 Lily Leung 300.30 3,109.35 Herb McMahon 425.80 4,850.10 Ray Ramirez 641.90 6,754.70 Ned Thomas 790.70 8,010.40 Directions: 1. Calculate the amount of taxable earnings for FICA-OASDI, FICA-HI, FU and SUTA for each employee and for the total payroll this week. Then, calcula the amount of each tax owed by the employer. Use the rates and wage limits presented in the chapter, with a rate of 4.2% for SUTA. 2. Prepare the general journal entry to record the employer's payroll taxes for the week. The date of the entry is March 10, 20X3