Instructions: 1) use the information in Part A to complete the Payroll Register Table in Part B. Remember to use formulas when there is a calculation/cell reference. 2) Using the information in the Payroll Register, complete January & December journal entries for both employee wages/withholdings and employer only taxes (use cell references). NOTE: In the pink cells, we have provided you with the formulas for the first period. Because there is no data in the cells as you begin the assignment, the result of the calculation is 0. As you complete the rest of the table, you will see the results in the pink cells change. You will need to copy the formulas in these January cells from the first period into the subsequent periods. Part A Tax Rates and Maximum Taxable Amounts: Social Security- FICA (OASDI) annual salary of employee subject to tax $128,400 tax rate 6.20% 1.45% all 0.6% $7,000 5.4% $7,000 Social Security - Medicare Unemployment- FUTA Unemployment- SUTA Information for Employee Irma Wellpaid: Monthly gross pay $11,500 Monthly tax table Federal State $2,200 $700 Monthly health insurance $450 Monthly life insurance $50 Montly retirement savings $1,200 Part B: Payroll Register Cumulative Name: Irma Wellpaid Month gross pay Calendar Gross pay year-to-date subject to Social Sec. Monthly Gross pay Withholdings Federal State Soc. Sec. Medicare income tax tax Tax Health Life Payroll subject Monthly Monthly Income Insurance Insurance Retirement Total with- tax Premium Premium savings holdings Net pay to unem- tax ployment FUTA tax SUTA $0 January February March April May June July August September October November December Total XXXXXXXXXXXX Part C: Journal Entries Record the payroll entry for payment to Irma and related withholdings (amounts on employee pay stub) See example on page 347 in text. For January: Record the payroll taxes paid solely by the employer (FICA match & unemployment taxes) See example on page 348 in text. For January: For December For December: