Points Earned 50 Nam Jordan's Coaching MINI-PRACTICE SET - PAYROLL This problem is to follow a payroll system through two pay periods. It includes preparing a payroll register and recording related accounting entries for both pay periods. An Excel file has also been provided, if you would rather perform the payroll register calculations using Excel. Tax Rate Information: Federal Income Tax - use the percentage method withholding chart provided in the textbook. State Income Tax -2.75% Social Security tax is withheld from the first $142,800 of earnings at the rate of 6.2% Medicare tax is withheld at the rate of 1.45%. FUTA/SUTA tax is withheld from the first $7,000 of earnings. FUTA rate is 0.6%, and SUTA rate is 4.25%