Prepare the journal entry to record the employee payroll, assuming the cash will be paid at a later date.

The totals from the first payroll of the year are shown below.

Total Earnings: $60,000

The amount of Social security tax is 6.20%

The amount of Medicare tax is 1.45%

The amount of federal tax income is 5%

The amount of state income tax is 4%

The total amount of union dues withheld is $500.

The amount of the FUTA tax is .6% on the first $7,000 of wages. No employees have exceeded the maximum amount of wages taxable.

The amount of the SUTA tax is 3.5% on the first $7,000 of wages. No employees have exceeded the maximum amount of wages taxable.