55.85/40 For the year ended December 31, 2022. Sheridan Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries Electricians' wages Total Deductions: $204,000 358.000 $562,000 FICA taxes $37,785 Federal income taxes withheld 171.500. State income taxes withheld (3%) 16,860 United Fund contributions payable 27.114 Health insurance premiums Total 19,000 $272,259 Sheridan's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45% state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject to Social Security taxes of 6.2% total $478,000, and gross earnings subject to unemployment taxes total $150,000. No employee exceeds the $132.900 limit related to FICA taxes (a) Prepare a summary journal entry at December 31 for the full year's payroll. (b) Journalize the adjusting entry at December 31 to record the employer's payroll taxes E (Round answers to O decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) Salaries and Wages Expense FICA Taxes Payable Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable Salaries and Wages Payable Debit 562000 Credit 37785 171500 16860 27114 19000 289741 Federal Income Taxes Payable State Income Taxes Payable United Fund Contributions Payable Health Insurance Payable Salaries and Wages Payable (b) Payroll Tax Expense FICA Taxes Payable State Unemployment Taxes Payable Federal Unemployment Taxes Payable 40235 (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, e.g. 5,275) 33.85/40 I 171500 16060 27114 19000 289741 37785 1250 1200 (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to O decimal places, eg. 5.275) Employee Wages, Tips, Other Compensation Federal Income Tax Withheld State Income Tax Withheld FICA Wages FK Maria Sandoval $62.000 $30,380 12401 $ 62000 Jennifer Mingenback 30,000 11.700 900 eTextbook and Media List of Accounts Save for Later 30000 C Attempts: 2 of 3 used Submit Answer Unemployment Taxes Payable (c) The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to 0 decimal places, e.g. 5,275.) 1200 Federal Wages, Tips, Other Income State Income Tax Withheld FICA Wages FICA Tax Withheld Compensation Tax Withheld $62,000 $30,380 $ 1240 $ 62000 30,000 11,700 eTextbook and Media List of Accounts Save for Later 900 30000 Attempts: 2 of 3 used Submit Answer