Calculattion of Taxable Earnings and Employer Payroll Taxes.and Preperation of Journal Entry: 1. Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2. Prepare the journal entry to record the employer's payroll taxes as of October 7, 20--, Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Howard's Cutlery for the week ended October 7, 20--, is presented below. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% on gross earnings. Futa tax is 0.6% and Suta tax is 5.4% on the first $7,000 of earnings.