Recording Payroll and Payroll Taxes The following information about the payroll for the week ended September 15 was obtained from the records of Simkins Mining Co.: Salaries and wages: Deductions: Sales salaries $15,000 Income tax withheld $8,500 Employee Wages 20,000 U.S. savings bonds 1,000 office salaries 10,000 Group insurance 3,000 $45,000 Tax rates assumed: FICA tax, 7.5% of employee annual earnings State unemployment (employer only), 4.2% Federal unemployment (employer only), 0.8% Instructions: 1. For the September 15 payroll, determine the employee FICA tax'payable. 3,375 V 2. Illustrate the effect on the accounts and financial statements of paying the September 15 payroll. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as 2. Illustrate the effect on the accounts and financial statements of paying the September 15 payroll. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets Liabilities Cash Employee income tax payable +FICA tax payable Bond deduction payable Sept. 15. Statement of Cash Flows Operating 3., Determine the following amounts for the employer payroll taxes related to the September 15 payroll: (a) FICA tax payable, (b) state unemployment tax payable, and (c) federal unemployment tax payable. Assume all salaries and wages are subject to statement and federal unemployment taxes a. FICA tax payable b. State unemployment tax payable c. Federal unemployment tax payable 000 count or activity is affected, select count decreases and cash outflows as Balance Sheet Liabilities Bond deduction payable +Group insurance payable ) FICA tax payable, (b) state unemployment ment and federal unemployment taxes. + Stockholders' Equity + Retained earnings Sales salaries expense Income Statement Employee wages expense Office salaries expense 3. Determine the following amounts for the employer payroll taxes related to the September 15 payroll: (a) FICA tax payable, (b) state unemployme tax payable, and (c) federal unemployment tax payable. Assume all salaries and wages are subject to statement and federal unemployment taxes. a. FICA tax payable b. State unemployment tax payable c. Federal unemployment tax payable 4. Illustrate the effect on the accounts and financial statements of recording the liability for the September 15 employer payroll taxes. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Assets Sept. 15. Statement of Cash Flows No effect Feedback 0 Balance Sheet Liabilities Income Statement Payroll tax expense Stockholders Equity