ICCE ANY FORMATION TEMEL W ALLS The payroll the low Ma ny Company for the month of Nily is presented The company is allowed a ne w competion rate by the states the federal unemploy tax rates and the maximum for both is $7,000 and was Asume a 10 federal income tax rate for all employees and a 7.o total ICA tak on employee and employer on a m imum of $126,400. In addition, 1.458 Medicae rate is chaped both employer and employee for an employee's wages in excess of $121,400 per employee Complete the payroll sheet [h] Prepare the necessary try to record the payment of the payroll Prepare the necessary l ewiry to record the payroll take pemes of Mahogany Company Prepare the necessary journal entry the entry to record the part of the Asume that the company pol i ties at the end of each month Question 2 1. What is the total amount of income tax withheld? 6,240.00 2. What is the total amount of social security tax withheld? 3. What is the total amount of medicare tax withheld? 4. What is the total amount of net pay? 5. What is the total amount of FUTA? 6. What is the toal amount of SUI? 7. What is the total cash disbursment made by the employer for payment of all taxes