Total payroll of Walnut Co. was $2, 760,000, of which $480,000 represented amounts paid in excess of $118, 500 to certain employees. The amount paid to employees in excess of $7,000 was $2, 160,000. Income taxes withheld were $675,000. The state unemployment tax is 1.2%, the federal unemployment tax is .8%, and the F.I.C.A. tax is 7.65% on an employee's salaries and wages to $118, 500 and 1.45% in excess of $118, 500. Instructions Prepare the journal entry for the salaries and wages paid. Prepare the entry to record the employer payroll taxes