Exercises LO 1 ractice Exercise 1 EXERCISE 8-1 Signature Company's partial payroll register for the week ended January 7 is as follows: F G H J TAXABLE EARNINGS Show me A HOW 1 2 3 4 NAME 5 Bamey, AS 6 Fisk, MC 7 Hayes, W. O 8 Lee.L.B. 9 Parks, SJ 10 Tempy, E. B 11 12 BEGINNING CUMULATIVE TOTAL EARNINGS EARNINGS 1832.00 587.00 483,00 879.00 578,00 546.00 4,785.00 ENDING CUMULATIVE EARNINGS 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 UNEMPLOYMENT 1932.00 567.00 483.00 679.00 578.00 546.00 4,785.00 SOCIAL SECURITY 1932.00 567.00 483.00 679.00 578.00 546.00 4.785.00 MEDICARE 1932.00 567.00 483.00 679.00 578,00 546.00 4.785.00 Assume that the payroll is subject to an employer's Social Security tax of 6.2 percent on the first $118,500 and a Medicare tax of 1.45 percent on all earnings. Also assume that the federal unemployment tax is 0.6 percent, and that the state unemployment tax is 5.4 percent of the first $7,000. Prepare the entry in general journal form to record the payroll tax expense