Floatin Away Company has a an employee with the following information: If the amount of wages (after subtracting allowances) is: Regular Earnings Rate Overtime Earnings rate # of withholding allowances actual hours worked this pay period 80 per hour 1.5 x hrly rate 1 46 Over: But not over: Then $73.00 260 $0 plus 10% $260.00 $832.00 $18.70 plus 12% $832.00 $1,692.00 $87.34 plus 22% $1,692.00 $3,164.00 $276.54 plus 24% $3,164.00 $3,998.00 $629.82 plus 32% $3,998.00 9887 $896.70 plus 35% 9887 of excess over $73.00 $260.00 $832.00 $1,692.00 $3,164.00 $3,998.00 Assume one withholding allowance is $90 and: Social Security 6% Medicare 1.50% FUTA 0.80% SUTA 4% 1) calculate gross pay and net pay, clearly indicating each withholding Gross pay: Net Pay 2) complete the Journal entry to record the payroll; then complete the JE to record the payroll taxes Account Debit Credit