Towbin Consulting Group reports a $1 210,000 bi-weekly payroll. Towbin and its employees must pay Social Security taxes at a rate of 6.2%. Both are also responsible for Medicare taxes at a rate of 1.45%. Payroll income taxes average 23% for federal and 7% for state and local taxes. The company is also responsible for federal and state unemployment taxes. The federal un 1.4%. The state unemployment tax rate is 4.6% on a wage base of $7,000, but Towbin gets a 2.5% redit. To bin has not paid any employee more than $7,000. None of the employees have exceeded the income base for FICA tax. Read the requirements. Requirement a. Prepara tha iounal Act. Record debits fir Lentry to record the hi-weekly navrol Abbraviations used EICA Federal Insurance Contribution Requirements Account a. Prepare the journal entry to record the bi-weekly payroll. b. Prepare the journal entry to pay the liability for accrued salaries c. Prepare the journal entry necessary to record Towbin's payroll tax expense for the bi-weekly payroll. Print Done