X Instructions Blitzen Marketing Research paid its weekly and monthly payroll on January 31. The following information is available about the payroll: Item Amount $237,480 585,000 Final Questions General Journal Monthly salaries Hourly wages FICA Social Security (both employee and employer) Medicare (both employee and employer) Withholding for federal income taxes Federal unemployment taxes State unemployment taxes 2a. What is the employees' gross pay? 6.20% 1.45% $108,500 1.200 4.000 Gross Pay S 1. Prepare the journal entries for the transactions on January 31. Additional Instructions General Journal Instructions PAGE 1 2b. What amount does Blitzen pay in excess of gross pay as a result of taxes? (Note: Provide both an absolute dollar amount and as a percentage of gross pay.) GENERAL JOURNAL IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT Blitzen Pays Additional Taxes S DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME This is % of gross pay. 3. How much is the employees' net pay as a percentage of total payroll related expenses? Additional Instructions Net pay as a percentage of total payroll expense 4. Conceptual Connection: If another employee can be hired for $60,000 per year, what would be the total cost of this employee to Blitzen? Additional Instructions Total cost $