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3. (3 points) Total payroll of Walnut Co. was $1,500,000, of which $280,000 represented amounts paid in excess of $128,400 to certain employees (this is the cap for Social Security taxes). The amount paid to employees in excess of $7,000 was $1,010,000 (this is the cap for State and Federal Unemployment Taxes). Income taxes withheld were $321,000. The state unemployment tax is 4.2%, the federal unemployment tax is .6%, and the F.I.C.A. tax is 6.20% for Social Security up to $128,400 per employee and 1.45% for Medicare (no limit), a. Prepare the journal entry for the salaries and wages paid. Date Accounts DR 12/31 CR b. Prepare the entry to record the employer payroll taxes Accounts DR CR Date 12/31