now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator-assignment-take&inprogress=false Homewo eBook Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $128,400 of earnings. The Medicare rate is 1.45% on gross earnings. Total Earnings $11,700 Barney's Bagels Payroll Register Total Taxable Earnings of All Employees Unemployment Compensation $10,500 Social Security $11,700 V 1. Calculate the employer's payroll taxes expense. Feedback Check My Work For Social Security and Medicare, total earnings are taxable for this exercise. For SUTA and FUTA, $10,500 is taxable. The $7,000 applies to individual maximums. The problem data shows the total taxable earnings of all employees. You should assume that no one employee has reached the maximum. 2. Prepare the journal entry to record the employer's payroll taxes expense for the week ended July 15 of the current year. Page: ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT DATE 20-- 1 Payroll Taxes Expense July 15 2 Social Security Tax Payable Check My Work All work saved. 1 2 ? Next > Email Instructor Save and Exit Submit Assignment for Grading