Problem 1 12.5 points Use the information provided below to (a) calculate the payroll taxes, and (b) record payroll taxes for the employee and employer in the General Journal Information from the payroll register of Cool Company for the week ended April 21 20-, is shown in the table below. The MESC rate is 2.7% and the FUTA rate is 0.7%, both on the first $7,000 of earnings. Social Security is 6.2% of the first $128,400 of earnings. Medicare is 0.7% of all gross earnings. Michigan Income Tax is 4.25% a. Complete the table Current Weekly Earnings Taxable Earnings Medicare and Michigan Income Tax Taxable Earnings FUTA and MESC Federal Income Tax Withheld Employee Name Cumulative Taxable Earnings FICA L. Smith K. Jones T. Lawye B. Richards C. Sooner $3,500 $ 104,000 6,000 6,900 $5,900$ 89,200 $ 4,000 108,700 525 160 260 590 600 S 1,100 $ 1,600 $ $2,600 Totals $ 17,600 $ 314,800 S$ b. Calculate payroll taxes for the week Total Taxable Amount Rate Tax FICA Medicare Federal Income Tax FUTA MESC Michigan Income Tax $1,100 c. Prepare Journal entris to record the payroll taxes for the week. DATE DESCRIPTION DEBIT CREDIT Date Account Account Description of Entry