Current Attempt in Progress Natalie is considering hiring two permanent employees who are paid on an hourly basis plus time and a half for all hours worked in excess of 40 hours per week She is curious as to how this would affect her company's financial position. She has created some hypothetical payroll data which are presented below. Employee Hourly Rate Hours Worked Cumulative Prior Earnings United Federal Income Tax Fund B Borke 40 $12 $8,256 $? $8 E Clarke 50 12 8.944 10 Borke and Clarke are each married and they claim 1 and 2 withholding allowances respectively. The 7.65%FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128400 and the Medicare tax rate of 145% on all salaries and wages. State income taxes are 4% Federal and state unemployment taxes are 0.6% and 54% on the first 57.000 of wages paid to an employee during the year. the Social Security tax rate of 62% on salaries and wages up to $128400 and the Medicare tax rate of 145% on all salaries and wages. State income taxes are 4% Federal and state unemployment taxes are 0.6% and 5.4% on the first $7,000 of wages paid to an employee during the year Cookie Creations Payroll Register For the week ending Taxable Earnings Earnings Wages Hours Expense Gross Pay Cumulative Earnings Social Security Employees Regular Overtime Unemployment Medic 40 B. Borke 480 0 480 8.736 0 480 E. Clarke 40 480 180 660 9,604 660 + Totals $960 $180 $1140 $18,340 SO $1.140 $14 the Social Security tax rate of 62% on salaries and wages up to $128400 and the Medicare tax rate of 145% on all salaries and wages. State income taxes are 4%. Federal and state unemployment taxes are 0.6% and 5.4% on the first $7,000 of wages paid to an employee during the year, Cookie Creations Payroll Register For the week ending Taxable Earnings Deductions Sala Federal Income Tax Social Security State Income Tax nemployment ar Wa Expt United Fund Medicare FICA Total Net Pay 0 480 480 36.72 24.00 19 20 CO 87.92 392.08 660 660 50.49 3400 2640 10 120.89 539.11 $0 $1.140 $1.140 $87.21 $58.00 $49,60 $18 S208.81 $931.19 $1 Deductions Federal Income Tax State Income Tax United Fund Salaries and Wages Expense FICA Total Net Pay 36.72 24.00 19.20 8 87.92 392.08 480 50.49 34.00 26.40 10 120.89 539.11 660 37 21 $58.00 $45.60 $18 $208.81 $931.19 $1.140 (a) What journal entry would be made to record the employer's payroll taxes on this hypothetical payroll? (Round answers to 2 decimal places, es. 15.25. Credit account titles are automatically indented when amount is centered. Do not indent manually) Account Titles and Explanation Debit Credit (To record employer's payroll taxes on the payroll) e Textbook and Media List of Accounts Save for Later Attempts:0 of 4 used Submit