Regular Earnings = 40 hours * $16/hour = $640Overtime Earnings = 5 hours * $24/hour = $120Total Gross Earnings = $640 + $120 = $760Net Pay = $760 - $95 = $665`FICA Taxes:FICA Rate: 7.65%Total Gross Earnings: $760FICA Taxes = Total Gross Earnings * FICA Rate = $760 * 7.65% = $58.14Employer's Journal Entry:Debit Payroll Tax Expense (Income Statement) = $58.14 * 0.5 = $29.07Debit FICA Taxes Payable (Liability) = $58.14 * 0.5 = $29.07Credit Cash (Asset) = Total Gross Earnings = $760DateAccount Debit Credit Payroll Tax Expense $29.07FICA Taxes Payable$29.07Cash $760