Calculation and Journal Entry for Employer Payroll Taxes 1. Calculate the employer's payroll taxes expense. Round your answer to the nearest cent. 2. Prepare the journal entry as of March 12, 20-, assuming that FUTA tax is 0.6%, SUTA tax is 5.4%, Social Security tax is 6.2%, and Medicare tax is 1.45%. 1f required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Earnings for several employees for the week ended March 12, 20-, are as follows: Taxable Earnings Current UnemploymentSocial Aus, Glenn E Diaz, Charles K. Knapp, Carol S. Mueller, Deborah F Yeager, Jackie R Employee NameEarnings CompensationSecurity $680 350 1,200 810 920 $680 350 1,200 810 920 $200 340 115 35