Newton Company has monthly salaries of $28,000. Assume Newton pays all the standard payroll taxes, no employees have reached the payrod tax limits, total income tax withheld is $2.000, and the I only payroll deductions are payrol taxes Journalize the accrual of salaries expense, accrual of employer payroll taxes, and payment of employee and employer payroll taxes for Newton Company (Assume all of the monthly salary is subject to FUTA and SUTA Record debits first, then credits. Select the explanation on the last line of the joumal entry table) (Click the icon to view payroll tax rate information) Begin with the entry to accrue salaries expense and payroll withholdings for the employee Date Accounts and Explanation Next, record the entry to accrue employer payroll taxes for Newton Company Date Accounts and Explanation More info Debit Credi Debit Cred For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee Employer: OASDI 6.2% on first $132,900 earned, Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI 6.2% on first $132.900 eamed; Medicare: 1.45%, FUTA 0.0% on first $7,000 eamed SUTA 5.4% on first $7,000 earned Print Done