Exercise 8-4 The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: Name Burgess, J. L Clayton, M. E Drugden, T. F Lui, L. W Sparks, C. R. Stevers, D. H Beginning Cumulative Gross Pay Earnings $6,750 40,200 38,500 39,700 4,094 110,900 6,810 $410 785 860 990 850 For each employee, the Social Security tax is 6.2 percent of the first $113,700 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. If an amount is zero, enter "O". BEGINNING CUMULATIVE EARNINGS ENDING CUMULATIVE EARNINGS TAXABLE EARNINGS SOCIAL SECURITY TOTAL UNEMPLOY NAME EARNINGS MENT MEDICARE Burgess, J. L Clayton, M. E Drugden, T. F Lui, L. W Sparks, C. R. Stevers, D. H Total