HI Instruction An employee receives an hourly rate of $15, wth time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows hours worked, 46, federal income tax withheld, 5120 cumulative earnings for the year prior to this week, 55,500 social security tax rate, 60% and Medicare tax rate, 15% state unemployment compensation tax 3.45 on the first $7.000, federal unemployment compensation tax 08% on the first 57.000 Required: Prepare the journal entries to record the wages expense and the employer payroll tax expense. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places