Payroll Taxes Medicare at standard rates. Required

Payroll Taxes Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $25,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Champaign must also withhold $2,400 in federal income tax from the employees and pay state unemployment tax of $75. Assume the entire payroll is eligible for Social Security and Medicare at standard rates. Required: Provide the necessary journal entries for Champaign to record these payroll taxes. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. ederal Income Taxes Withholdin Pa able Social Security Taxes Payable (Employee) edicare Taxes Payable (Employee) (Record wages and liabilities) State Unem 10 ment Taxes Ex ense State Unemployment Taxes Payable Social Securit Taxes Pa able Em 10 (Record employer payroll taxes) 75 x 5,720 c:sx 42,302 X x 3,224