Required: Be sure to include a description for each journal entry Required: Be sure to show all work for your calculations. Use the Excel template provided to complete your assignment Question# 2-Payroll register: Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 06% and SUTA taxes are 6.20%. The company is preparing its payroll calculations for the week ended August 25. Payroll records show the following information for the company's four employees: In addition to gross pay, the company must pay one-half of the 596 per employee for Current Week Gross Pay rough Aug 1 $115,900 116,550 Income Tax Dahlia 5412 32 900 450 Trey 72 Kiesha 8,900 Chee 2,850 y health insurance. Each employee pays the remaining one-half of the weekly weekl health insurance. The company also contributes an extra 8% of each employee's gross pay at no cost to employees) to a pension fund. Required: 1. Prepare the Payroll Register below for the week ended August 25 to show each Part employee's net (take home) pay. Round your calculations and final answers to 2 decimal places