All subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, espectively. Gederal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the irst $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. 2. Conceptual Connection: McLaughlin Manufacturing would like to hire a new employee at a salary of $110,000. Assuming Social Security and Medicare taxes are as described earlier in the problem (with unemployment taxes paid on the first $7,000 ) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin? Social Security Medicare State unemployment Federal unemployment Net pay GENERAL JOURNAL \begin{tabular}{|l|l|l|l|l|} \hline & DATE & ACCOUNT & POST. REF. \\ \hline 1 & & & \\ \hline 2 & & & \\ \hline 3 & & & \\ \hline 4 & & & \\ \hline 5 & & & \\ \hline 6 & & & \\ \hline 7 & & & \\ \hline 8 & & & \\ \hline 9 & & & \\ \hline 10 & & & \\ \hline 13 & & \\ \hline 13 & & \\ \hline \end{tabular} JRNAL of $110,000. Assuming Social Security and Medicare taxes are as described earlier in the problem (with unemployment taxes paid on the first $7,000 ) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin? Total Cost