Exercise 8-4 Your answer is partially correct. Try again. During the month of March, Crane Company's employees earned wages of $61,000. Withholdings related to these wages were $4,667 for Social Security (FICA), $7,148 for federal income tax, $2,955 for state income tax, company incurred no cost related to these earnings for federal unemployment tax but incurred $667 for state unemployment tax. (a) Prepare a tabular summary to record salaries and wages expense and salaries and wages payable on March 31. Assume that wages earned during March will be paid during April. (b) Prepare a tabular summary to record the company's payroll tax expense. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item Assets Liabilities Stockholders' Equity Retained Earnings Expense - Dividend Cash = Salaries & Wages Pay. + Fed. Inc. Taxes Pay. FICA Taxes Pay. St. Inc. Taxes Pay. Union Dues Pay. 1 State Unemp. Taxes Pay. Common Stock + Revenue - (a) Mar. 31 667 A t x * (b) Mar. 31 Click if you would like to Show Work for this question: Open Show Work Salaries & wages expense Payroll tax expense