The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9. Employee Hours Worked Hourly Rate Weekly Salary Federal Income Tax U.S. Savings Bonds Aaron 46 $68.00 $750.20 $100 Cobb 41 62.00 537.68 110 Clemente 48 70.00 832.64 120 DiMaggio 35 56.00 366.04 0 Griffey, Jr. 45 62.00 641.84 130 Mantle $1,800 342.45 120 Robinson 36 54.00 382.56 130 Williams 2,000 398.24 125 Vaughn 42 62.00 584.72 50 Employees Mantle and Williams are office staff, and all of the other employees are sales personnel. All sales personnel are paid 1 times the regular rate for all hours over 40 hours per week. The social security tax rate is 6.0%, and the the Medicare tax is 1.5% of each employee's annual earnings. The next payroll check to be used is No. 901. Required: 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places). 2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal places. Refer to the Chart of Accounts for the exact wording of account titles. 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places). Score: 312/312 Payroll for Week Ending December 9 1. Prepare a payroll summary for Throwback Industries Inc. for the week ended December 9. Assume the normal working hours in a week are 40 hours. Enter amounts as positive numbers and round your intermediate calculations and final answers to the nearest whole cent (two decimal places). Score: 312/312 Payroll for Week Ending December 9 1 Earnings Earnings Earnings Deductions Deductions Deductions Deductions Deductions Paid Paid Account Debited Account Debited 2 Employee Total Hours Regular Overtime Total Social Security Tax Medicare Tax Federal Income Tax U.S. Savings Bond Total Net Pay Ck. No. Sales Salaries Expense Office Salaries Expense 3 Aaron 46.00 $750.20 $100.00 #901 4 Cobb 41.00 537.68 110.00 #902 5 Clemente 48.00 832.64 120.00 #903 6 DiMaggio 35.00 366.04 #904 7 Griffey, Jr. 45.00 641.84 130.00 #905 8 Mantle 342.45 120.00 #906 9 Robinson 36.00 382.56 130.00 #907 10 Williams 398.24 125.00 #908 11 Vaughn 42.00 584.72 50.00 #909 12 $4,836.37 $885.00 2. Journalize the entry to record the payroll for the week. If required, round your answers to two decimal places. Refer to the Chart of Accounts for exact wording of account titles.How does grading work? PAGE 1 JOURNAL ACCOUNTING EQUATION Score: 85/85 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 PLEASE I need only explanation: and explain the one federal or state tax and the purpose of the tax. Also, compare your analysis of the tax you select and how to record the tax. Explain. For each of the following payroll-related deductions and taxes, give examples of 2 voluntary deductions and 2 involuntary deductions and indicate whether they generally apply to (a) employees only, (b) employers only, or (c) both employees and employers