The payroll summary for December 31 for Waters Co. revealed total earnings of $80,000. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%. Earnings subject to state and federal unemployment compensation taxes are $3,000 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry for the employer's payroll taxes. If an amount box does not require an entry, leave it blank. The payroll summary for December 31 for Waters Co. revealed total earnings of $80,000. All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%. Earnings subject to state and federal unemployment compensation taxes are $3,000 at the federal rate of 0.8% and state rate of 5.4%. Journalize the entry for the employer's payroll taxes. If an amount box does not require an entry, leave it blank