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5. For the most recent two-week pay period, Company Tachpans had a single employee: Mark. Mark's salary for the period was $4,600. Federal Income Tax
5. For the most recent two-week pay period, Company Tachpans had a single employee: Mark. Mark's salary for the period was \$4,600. Federal Income Tax withholding for the period is \$1,080; state withholding is \$252. Social Security and Medicare are withheld at 6.2% and 1.45% respectively. Mark's eamings for the year to date are $67,000. Mark has also authorized Tachpans to withhold a retirement contribution of $1,000 per pay period and a charitable contribution of $90. Required: Use tab "P 5 " to prepare the joumal entry to record the payroll expense for this period. This entry should include Mark's net pay. Prepare the joumal entry to record the payroll taxes for this period. Company Tachgans has made all the unemployment tax payments it is required to make for this year
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