Brief Exercise 8-5 Calculate FICA taxes (LO8-3) Mike Samson is a college football coach making a base salary of $638,400 a year ($53,200 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 145% Medicare tax with no maximum. Assuming the FICA base amount is $128.400 1. Compute how much will be withheld during the year for Coach Samson's Social Security and Medicare, (Round your final answers to 2 decimal places.) nes Social security Medicare 2. What matching amount will the employer need to contribute? (Round your final answer to 2 decimal places.) Employee's contribution 1 Check my work Exercise 8-2A Record notes payable (L08-2) On November 1, 2021. Aviation Training Corp, borrows $53,000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable Interest is payable at maturity. Aviation's year-end is December 31 Required: 1.3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event. select "No Journal Entry Required in the first account field.) 1 points Hi View transaction that Journal entry worksheet 3 Record the repayment of the note at maturity, tenter debit before credits General Journal Date February 01, 2022 Debe Credit ME Pre 1 of 1 118 Sovod Help Save & Exit Submit 1 Check my work During January, Luxury Cruise Lines incurs employee salaries of $10 million. Withholdings in January are $76,500 for the employee portion of FICA $150,000 for federal income tax, $62,500 for state income tax, and $10,000 for the employee portion of health Insurance (payable to Blue Cross Blue Shielch. The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 for the employer portion of health insurance. Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (ie. S should be entered as 5,000,000).) Bock View transaction list Journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits General Journal Date January 31 Debit Credit Prev 1 of 1 !!! Next