Required: 1. Use an earnings ceiling of $132,900 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information: a. Each employee's cumulative earnings prior to October 31. b. Each employee's gross earnings for October. c. The amounts to be withheld for each payroll tax from each employee's earnings; the employee's income tax withholdings are Parker, $5,600; Catz, $4,200; Wu, $1,320. d. The net amount due each employee. e. The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees. 2. Prepare the general journal entry to record the company's payroll on October 31. 3. Prepare the general journal entry to record payments to employees on October 31. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Use an earnings ceiling of $132,900 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following information (Round your answers to 2 decimal places.): Cumulative earnings Employee Name Social Monthly pay Medicare security Employee income tax withholding Net pay Tori Parker Carolyn Catz Michelle Clark Will Wu Tom Bradley Totals $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Journal entry worksheet 1 2 Record the company's payroll to be paid at a later date. Note: Enter debits before credits. General Journal Debit Credit Date Oct 31, 20X1 Record entry Clear entry View general journal