Brief Exercise 8-50 (Algorithmic) Payroll Taxes Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $70,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Champaign must also withhold $7,700 in federal income tax from the employees and pay state unemployment tax of $75. Assume that the Social Security tax rate is 6.2%, and Medicare tax rate is 1,45% Required: Provide the necessary journal entries for Champaign to record these payroll taxes (round to nearest penny). If an amount box does not require an entry, leave it blank. ) (Record wages and liabilities)