ournalizing Payroll Transactions Use the rates and limits for Social Security and Medicare as specified in the text. ? Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your answers to the nearest cent. 2. Record the journal entry for the payroll, crediting Cash for the net pay. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. On December 31, the payroll register of Hamstreet Associates indicated the following information: Wages and Salaries Expense Employee Federal Income Tax Payable 920.00 United Way Contributions Payable Earnings subject to Social Security tax 8,000.00 $8,700.00 200.00