EXERCISE 8-4 The information on earnings and deductions for the pay period ended LO 1 December 14 from King Company's payroll records is as follows: Practice Exercise Show me HOW Gross Pay $ 410 Name Beginning Cumulative Burgess, J. L. Earnings $ 6,750 Clayton, M. E. 785 40,200 Drugden, T.E. 860 38,500 Lui, L. W. 990 39,700 Sparks, C. R. 4,094 115,700 Stevers, D. H. 850 6,810 For each employee, the Social Security tax is 6.2 percent of the first $118,500, and the employer's Social Security tax is 6.2 percent on the same earnings limit. The Medicare tax is 1.45 percent on all earnings. The federal unemployment tax rate is 0.6 percent of the first $7,000 of earnings of each employee. The state unemployment tax rate is 5.4 percent of the same base. Determine the total taxable earnings for unemployment, Social Security, and Medicare. Prepare a general journal entry to record the employer's payroll taxes. Round answers to the two decimal places. LO