Problem 17-4 Recording Payment of the Payroll Denardo's Country Store pays its employees on a biweekly basis. This week the payroll is $2,000. You issued for $1,487 in payment of the payroll less the following amounts: Employees' Federal Income Tax, $320; Employees' State Income Tax, $40; Social Security Tax, $124; and Medicare Tax, $29. 1. Record the payroll in the cash payments journal. Cash Payments Journal General Date Account Name Debit Credit Accounts Payable Debit Purchases Discounts Credit Cash In Bank Credit July 15 2. Calculate the total deductions from employees' wages for federal, state, social security, and Medicare taxes. What percentage of gross payroll is this amount? Total Deductions