Vaughn's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment Gross earnings subject to Social Security taxes of 6.2% total $460,000, and gross earnings subject to unemployment taxes total $125,000. No employee exceeds the $132,900 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (b) (Round answers to decimal places, eg 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) Salaries and Wages Expense 546,000 FICA Taxes Payable 36,437 Federal Income Taxes Payable 167000 State Income Taxes Payable 16,380 Health Insurance Payable 15.000 United Fund Contributions Payable 26,342 HOO Salaries and Wages Payable 284841 (b) Payroll Tax Expense 40312 (b) Payroll Tax Expense 40312 FICA Taxes Payable 36.437 Federal Unemployment Taxes Payable 750 State Unemployment Tames Payable 3125 (a The W-2 Wage and Tax Statement requires the following dollar data. Complete the required data for the following employees. (Round answers to decimal places