Calculator Payroll Taxes Champaign Inc., a company that provides educational consulting services to targe universities across the nation, has a gross payroll of $52,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Champaign must also withhold $6.240 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 Wages Expense Federal Income Taxes Receivable X Social Security Taxes Payable (Employee) Medicare Taxes Payable (Employee) 11000 01110 Wages Expense X (Record wages and liabilities) Social Security Taxes Payable (Employer) X Medicare Taxes Payable (Employer) X 6502 W 3 A NIL ))) OM MacBook Air Calculator 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. Wages Expense Federal Income Taxes Receivable X Social Security Taxes Payable (Employee) Medicare Taxes Payable (Employee) Wages Expense X (Record wages and liabilities) Social Security Taxes Payable (Employer) X Medicare Taxes Payable (Employer) X 111111 01110 ID0010 11111 (Record employer payroll taxes)