APPLY THE CONCEPTS: Recording payroll entries The payroll clerk at Batts, Inc., has used a spreadsheet program to produce a printout of the salaries for March 15 Employees' total earnings $80,000 Deductions from earnings: $12,800 Federal income tax 3,200 State income tax Social Security tax 4,960 1,160 Medicare tax Medical insurance 1,600 23,720 Total deductions $56,280 Take-home pay Use the data in the spreadsheet to: 1. Prepare the entry to record the weekly salary. The salaries will not be paid until March 20. Prepare the entry to record the employer's payroll tax expense. In addition to the data for Social Security and Medicare in the table, which the employer must also pay, assume a 0.8% federal unemployment tax rate and a 5.4% state unemployment tax rate. Also assume that all wages are subject to these two taxes. If an amount box does not require an entry, leave it blank or enter "0