IU USE ILoud on this Mac you must accept the new Terms and Conditions. Calculator Cornerstone Exercise 8-27 (Algorithmic) Payroll Taxes Kinsella, Inc., has a gross payroll of $20,000 for the pay period. Kinsella must also withhold $2,400 in federal income taxes from the employees and pay state unemployment taxes of $60. Assume the entire payroll is eligible for Social Security and Medicare at standard rates. Required: Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar. Wages Expense 20,000 Federal Income Taxes Withholding Payable State Unemployment Taxes Payable (Record wages and liabilities) (Record emplover Davroll taxes Check My Work 3 more Check My Work uses remaining Previous Next > All work saved Submit Assignment for Grading