PART 1 Palm Corporation had total payroll of$600,000. For this payroll period, the company withheld 20% for employee income taxes. The FICA tax rate is 7.65% for wages on each employee up to their first $1 00,000 of earnings, and 1 .45% for earnings in excess of $ 1 00,000. The employer must match the employee's FICA withholding with an equal amount as employer payroll taxes. In addition, the employer must pay state and federal unemployment taxes on the first $7,000 of employee wages earned. The state unemployment tax rate is 1.5% and the federal unemployment tax rate is 0.8%. Ofthe wages earned, $50,000 represented amounts earned byemployees who have already exceeded the S100,000 earnings limit, and $425,000 represented amounts earned by employees who have already exceeded the $7,000 earnings lim 1 t. REQUIRED: (1 Prepare the general journal entry, in proper form, to record the employee payroll for the period. Prepare the general journal entry, in proper form, to record the employer payroll taxes for the period. (2) PART 2 Palm Corporation has an agreement with its sales manager that he is to receive a bonus of 7.5% of net income after the bonus and income taxes. The corporation's income before deducting the bonus and income taxes is $350,000. Income taxes are 40% and the bonus is deductible for income tax purposes REQUIRED Calculate the amount of the bonus that will be paid to the sales manager. Round your answer to the nearest whole dollar and show all supporting computations Calculate the amount of the income taxes that the company will pay. Round your answer to the nearest whole dollar and show a supporting computations (2)