3. On December 30, Nancy Sheridan hired an employee, Tom Shanahan, to help her with the medical billing. His first weekly pay period ends January 7 and he will be paid on January 14. He earns $17.25 per hour. During the 40-hour weekly pay period, Tom worked 48 hours. His Federal income tax is $122. Social Security tax is 6.2% and Medicare tax is 1.45%. a. Compute Tom's pay as of January 7. Regular earnings Overtime earnings Gross pay (Wages Federal income tax Expense) payable Social Security tax payable Medicare Net pay tax payable (Wages payable) b. Record the General Journal entry for Tom's January 7 pay. Date Description Debit Credit c. The FUTA rate for Sheridan is 0.6% and the SUTA rate is 5.4%. Record the General Journal entry for the January 14 employer's share payroll taxes. Date Description Debit Credit