Recording Payroll and Payroll Taxes The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.i Salaries: Deductionsi Sales salaries Employee Wages Office salaries $30,000 Incme tax withheld 40,000 US savings bonds 20,000 Group insurance $17,000 2,000 6,000 $90,000 Tax rates assumed FICA tax, 7.5% cf employee annual earnings State unemployment (employer only), 4.2% Federal unemployment (employer only), 0.3% 1. For the October 4 payroll, determine the employee FICA tax payable. 2. ilustrate the effect on the accounts and financial statements of recording the October 4 payroll. If no account or activity is affected, select "No effect from the dropdown list and leave the comesponding number entry box blank. Enter account decresses and cash outlows as negative amounts Balance Sheet Statement of Stockholders Equity Cash Flows No effect Employee income tax payable FICA tax payable Lond deduction payable Group insurance payable + salaries payable + + + + October 4 Statement of Cash Flows Tncome Statement No effect Sales salaries exxpense v Employee wages expense 3. Determine the following amounts for the employer payroll taxes related to the October 4 payroll: (a) FICA tax payable, (b) state unemployment tax payable, and (c) federal unemployment tax payable. s. FICA tax payable b. State unemployment tax payable c. Federal unemployment tax payable Ilustrate the effect on the accounts and financial statements of recording the lisbility for the October 4 employer payroll taxes. IF no account or activity is affected, select "No effect" from the dropdown list and leave the coresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Statenent of Cash Flows No effect FICA tax payable SUTA payable FUTA payable Retained October 4 Statement of Cash Flows No effect