General Journal Instructions Prepare the journal entries for and payroll and payroll taxes on December 31 Rand Company's payroll on December 31 of the current year is as follows: . Gen GENEL JOU total payrol, $500,000 payroll in excess of 5128.400 to each employee, $350,000 payroll in excess of $7,000 to each employee $400,000 Income taxes withheld, 585,000 union dues withheld $10,000 tax rates: state unemployment max. 5.4%: FICA AX, BS for employees and 8% for employers for any amounts over $117.000; federal unemployment tax. 0.6% 3 Required: Prepare the journal entries for Band's payrol and payroll taxes