Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows: Social Security tax is 6.2% on the first $128,400 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings. Taxable Earnings Cumulative Pay Before Current Earnings Current Unemployment Gross Pay Compensation Social Security Employee Name Jordahl, Stephanie Keesling, Emily $6,600 $1,190 6,150 1,070 Palmer, Stefan 2,410 55,200 54,300 29,050 Soltis, Robin Stout, Hannah 2,280 2,030 Xia, Xu 126,530 2,850 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. Taxable Earnings Current Unemployment Social Employee Name Earnings Compensation Security Jordahl, Stephanie $ Keesling, Emily Palmer, Stefan Soltis, Robin Stout, Hannah Xia, Xu Total $ $ Social Security tax Medicare tax FUTA tax SUTA tax Total employer payroll taxes 2. Prepare the journal entry to record the employer's payroll taxes as of September 14, 20-- Page: DATE ACCOUNT TITLE DOC. POST. DEBIT CREDIT NO. REF. 20-- Sept. 14 1 1 2 2 3 3 4 4 88 5 5