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eAssignmentSessionLocator=&inprogress=false Gmail Facebook Twitter GroupMe VN AU Acce Canvas Outlook Mail Publix Passport Quizlet Capital One a Amazon eBook Calculator Brief Exercise 8-50 (Algorithmic) Payroll Taxes Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $58,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Champaign must also withhold $6,380 in federal income tax from the employees and pay state unemployment tax of $75. Assume that the Social Security tax rate is 6.2%, and Medicare tax rate is 1.45%. Required: Provide the necessary journal entries for Champaign to record these payroll taxes (round to nearest penny). If an amount box does not require an entry, leave it blank Wages Expense Federal Income Taxes Withholding Payable Social Security Taxes Payable (Employee) Medicare Taxes Payable (Employee) 11101 Cash (Record wages and liabilities) State Unemployment Taxes Expense Social Security Taxes Expense Medicare Taxes Expense 11110 State Unemployment Taxes Payable Social Security Taxes Payable (Employer) Medicare Taxes Payable (Employer)

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