If this were the first payroll period of the year, what journal entry would be made to record the employer's payroll taxes on this hypothetical payroll? (Round answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit (To record employer's payroll taxes on the payroll) ho eTextbook and Media List of Accounts Current Attempt in Progress Natalie is considering hiring two permanent employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 hours per week. She is curious as to how this would affect her company's financial position. She has created some hypothetical payroll data which are presented below. Hourly Rate Employee Hours Worked Cumulative Prior Earnings Federal Income Tax United Fund B. Borke 40 $12 $8,256 $2 $8 E. Clarke 50 12 8,944 ? 10 Borke and Clarke are each married and they clalm 1 and 2 withholding allowances, respectively. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128400 and the Medicare tax rate of 1.45% on all salaries and wages. State income taxes are 4%. Federal and state unemployment taxes are 0.5% and 5.4% on the first $7.000 of wages paid to an employee during the year. proyce uurie yta. Cookie Creations Payroll Register For the week ending Earnings Taxable Earnings Wages Hours Expense Gross Pay Cumulative Earings Social Security Employees Regular Overtime Unemployment 40 B. Borke 480 0 480 8.736 0 480 E. Clarke 40 480 180 660 9.604 a 660 5960 Totals $180 $1.140 $18.340 SO $1.140 Cookie Creations Payroll Register For the week ending Taxable Earnings Deductions Salaries and Social Security Federal Income Tax State Income Tax United Fund Wages Expense iloyment Medicare Total FICA Net Pay 0 480 480 36.72 24.00 19.20 8 87.92 480 39208 660 660 50.49 34.00 26.40 10 120.89 539.11 660 SO $1.140 $1140 $87.21 $58.00 $45.60 $208.81 $1140 $18 $931.19