Nicole Smith earns $2,500 in gross pay. She has $250 in federal withholding, $75 in state withholding and 7.65% in social security and Medicare taxes (FICA) withheld. Record her payroll on the accounting equation. Assets Liabilities Stockholders' Equity 3. The December 20 cash register readings for Dress for Less, Inc. reflect cash sales of $36,000 and sales taxes of $2,880 (sales tax rate of 8%). Record on the accounting equation. Assets Liabilities Stockholders' Equity