Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense Employee Federal Income Tax Payable United Way Contributions Payable Earnings subject to Social Security tax 7,300.00 Use Social Security 6.2% and Medicare 1.45% as specified in the text. 1. Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. Social Security Tax Medicare Tax Feedback * Check My Work Multiply the social security rate and medicare rate by gross pay to calculate the amounts withheld. Record the journal entry for the payroll, crediting Cash for the net pay. Page