Calculation and Journal Entry for Employer Payrotl Taxes Portiens of the payroll register for La Panaderia for the week ended 2 lyly 15 are shown below, The 5UTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which ar 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. 1. Calculate the employer's payroll taxes expense; 2. Prepare the fournal entry to record the emplayer's payrob taxes expense for the wonk ended luly is of the current year