Determine the amount of social security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Also record the journal entry for the payroll, crediting cash for the net pay

Instructions ournalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent . Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount x does not require an entry, leave it blank. n December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense Employee Federal Income Tax Payable 930 United Way Contributions Payable Earnings subject to Social Security tax 6,500 $7,200 240