Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for La Panaderia for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $128,400 of earnings. The Medicare rate is 1.45% on gross earnings. La Panaderia Payroll Register Total Taxable Earnings of All Employees Total Earnings Unemployment Compensation Social Security $12,800 $10,500 $12,800 1. Calculate the employer's payroll taxes expense. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year Page: DOC. POST DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20 1 1 July 15 2 2 3 3 4 4 5 5 Previous Next Check My Work more Check My Work uses remaining Email Instructor Save and it Submit Assignment for Grading All work saved EXAM 8/2/2010 o BI e ligo