Post the following journal entries to the T accounts 1 An employee earns a salary of $500 per week before withholding taxes Federal taxes are withheld at 15%($75) Social Security taxes are withheld at 7%($35) State taxes are withheld at 5%($25) 401K (retirement) withholding is 10%($50) Employee's net check is $315 Journal Entries 2 The company sends out checks to deposit the taxes/retirement withholdings To the IRS, for federal withholding \& Social Security ($75+$35=$110) To the Massachusetts Dept of Revenue for state taxes (\$25) To the 401K plan for retirement savings ( $50) Wage Expense recorded was $500 Cash disbursements by company =315+110+25+50=$500 3 A customer walks into the store and buys $100 worth of goods Assume the sales tax is 6% The customer pays $106 - the purchase price plus the sales tax (you may disegard the COGS side of the entry) 4 Once a month, the company sends all the sales tax collected to the state The company received $106; it pays out $6 to the state; net cash =$100 Ledger \begin{tabular}{|c|} \hline Trial Balance \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{c|}{ State Withholding } \\ \hline & \\ \hline & 0 \\ \hline \multicolumn{2}{|c}{ 401K Withholding } \\ \hline & \\ \hline & 0 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \cline { 2 - 3 } & Debit & Credit \\ \hline Cash & 10,000 & \\ \hline Sales tax Payable & & 0 \\ \hline Federal W/H & & 0 \\ \hline Soc Sec W/H & & 0 \\ \hline State W/H & & 0 \\ \hline 401K W/H & & 0 \\ \hline Capital & & 10,000 \\ \hline Sales & & 0 \\ \hline Wage Expense & 0 & \\ \hline & & \\ \hline \multicolumn{1}{|c|}{ Total } & 10,000 & 10,000 \\ \hline \end{tabular}