Type of Tax Rate Payable Tax Amount Social Security $21,640.00 x 12.4% = $2,683.36 Medicare $21,640.00 x 2.9% = $627.56 Federal $63,180.00 x 0.8% = $505.44 Unemployment State $63,180.00 x 5.4% $3,411.72 = Unemployment STEP: 2 of 2 1. Prepare a journal entry for payment of the withheld taxes. Webster Company is a monthly schedule depositor. Journalize Check No. 789 on cash payments journal page 6 using the date the taxes are due to the federal government. 2. Use the tax account credit balances to prepare journal entries for payment of the FUTA and SUTA tax liabilities. Assume both checks were prepared on the due date for the federal tax deposit. Check Nos. 822 and 823. 1 2 3 4 5 CASH PAYMENTS JOURNAL PAGE 6 GENERAL DATE ACCOUNT TITLE CK. NO. POST. REF. ACCOUNTS PAYABLE DEBIT DEBIT CREDIT PURCHASES DISCOUNT CREDIT CASH CREDIT 1 2 3 4 5