LO 9.4 Bailey Dry Cleaners has six employees who were paid the following wages during the year: Details The state unemployment tax rate is 5.4%. The federal unemployment tax rate is 0.6%. The maximum unemployment wages per employee are $7,000 for both the state and the federal government. Income tax withholdings of 20% are applied to all employees. A FICA tax rate of 8% on the employee and 8% on the employer is applied to the first $147,000 of each employee's wages. REQUIRED: The state unemployment tax rate is 5.4%. The federal unemployment tax rate is 0.6%. The maximum unemployment wages per employee are $7,000 for both the state and the federal government. Income tax withholdings of 20% are applied to all employees. A FICA tax rate of 8% on the employee and 8% on the employer is applied to the first $147,000 of each employee's wages. REQU:RED: 1. Calculate the amount of payroll taxes to be paid by Bailey. 2. Prepare the journal entries to record the payment of payroll and the payroll tax expense. LO 9.4 Bailey Dry Cleaners has six employees who were paid the following wages during the year: Details The state unemployment tax rate is 5.4%. The federal unemployment tax rate is 0.6%. The maximum unemployment wages per employee are $7,000 for both the state and the federal government. Income tax withholdings of 20% are applied to all employees. A FICA tax rate of 8% on the employee and 8% on the employer is applied to the first $147,000 of each employee's wages. REQUIRED: The state unemployment tax rate is 5.4%. The federal unemployment tax rate is 0.6%. The maximum unemployment wages per employee are $7,000 for both the state and the federal government. Income tax withholdings of 20% are applied to all employees. A FICA tax rate of 8% on the employee and 8% on the employer is applied to the first $147,000 of each employee's wages. REQU:RED: 1. Calculate the amount of payroll taxes to be paid by Bailey. 2. Prepare the journal entries to record the payment of payroll and the payroll tax expense