Required Information

$[$The following information applles to the questions displayed below.$]$

The following summary data for the payroll perlod ended December $27,2021,$ are avallable for Cayman Coating Company:

Additional Information:

For employees, FICA tax rates for $2021$ were $7\mathrm{.}65\%$ on the first $$142,800$ of each employee's annual earnings. However,

no employees had accumulated earnings for the year in excess of the $$142,800\underset{?}{lim}It.$

For employers, FICA tax rates for $2021$ were also $7\mathrm{.}65\%$ on the first $$142,800$ of each employee's annual earnings.

The federal and state unemployment compensation tax rates are $0\mathrm{.}6\%$ and $5\mathrm{.}4\%,$ respectlvely. These rates are levied

against the employer for the first $$7,000$ of each employee's annual earnings. Only $$14,500$ of the gross pay amount for

the December $27,2021,$ pay period was owed to employees who were still under the annual limit$.$

b$-2.$ Assuming that Cayman Coating Company's payroll for the last week of the year is to be pald on January $3,2022,$ record the

Journal entry to show the effects of the December $27,2021,$ entrles for Accrued payroll taxes.

Note: If no entry is requlred for a transaction$/$event$,$ select $"$No Journal entry required" In the flrst account fleld.

Answer is complete but not entirely correct.