Instruction An employee receives an hourly rate of $15, with 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, $120; all earnings are subject to social security tax; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. Required: Journalize the entries for the payroll and the employer's payroll tax expense. Refer to the Chart of Accounts for exact wording of account titles. General Journal Journalize the entries for the payroll and the employer's payroll tax expense on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. 1 2 3 4 DATE DESCRIPTION JOURNAL PAGE 1 ACCOUNTING EQUATION LIABILITIES EQUITY POST. REF. DEBIT CREDIT ASSETS X