PROBLEM VI (30%) AB CORP. Wage Rate Hours Worked Matching Pension Contribution Union Dues YTD Pay $80 60 Abel Baker S119,000 $9.700 $700 $50 5% 5% $20 1. Overtime is paid at a time and a half of the hourly rate past 40 hours. 2. The pension sharing plan is a "matching"one where the employer matches the employee's contribution 3. Assume that the annual wage base limit for the FICA is $120,000 4. Assume the FICA tax is 6%. 5. Assume that the Medicare tax is 1.5% on all wages. 0. Assume that all unemployment taxes apply to only the first $10,000 of animal wages. 7. The Federal Unemployment Tax is 1%. 8. The State Unemployment Tax is 5% REQUIRED: Prepare all necessary journal entries relating to the payroll for AB Corporation (You may round off where necessary to the nearest dollar)