Mooney Labs had the following payroll for the week ended February 28: Assumed tax rates are as follows: a. FICA: Social Security, (employer) 6.2 percent (0.062) and (employee) 6.2 percent (0.062) on the first $118,500 for each employee, and Medicare, 1.45 percent (0.0145) on all earnings for each employee. b. State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee. c. Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee. Required: 1. Record the payroll entry as of February 28 in general journal form. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. Feedback Check My Work The basic elements of this entry include recognition of expense and liability accounts. For the liabilities, this includes any other deduction taken from the employee's check and a liability to recognize the net amounts owed to employees for earnings. Remember normal balances, debits equal credits, and an explanation of the journal. 2. Record the entry to record the employer's payroll taxes in general journal form as of February 28 , assuming that the total payroll is subject to the FICA taxes (combined Social Security and Medicare) and that $5,490 is subject to unemployment taxes. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. Feedback Check My Work Remember this entry is for the employer's share of payroll taxes only. This is an expense to the company and the taxes are put in payables until the appropriate payment and reports are filed with the government. Be sure you only record the employer's share. 3. Record the payment to the employees on March 2 in general journal form. (Assume that the company has transferred cash to Cash-Payroll Bank Account for this payroll.) Round final answers to the nearest cent. Feedback -Check My Work Since the Cash was transferred into a special account, there will only be one debit and one credit. This journal actually pays the salaries that were recorded in the payroll entry above. Remember the procedure when clearing a payable account