Mastery Problem: Liabilities: Current, Installment Notes, and Contingencies Copperfield and Company Chart of Accounts PayrollShort-Term Note Payable Payroll Shaded cells have feedback. The following am Journal entries for Oct. 15 were made by your predecessor. For ax assume that the social security rate is 6.0% and the Medicare rate is 1.5%. The state and federal unempo ment tax rates are 5.4% and 0.8%, respectively. The company offers 401k plans to employees. Review the journal entries, then answer the questions that follow. PAGE 32 ACCOUNTING EQUATION JOURNAL DEBIT 108,000.00 388,800.00 DATE DESCRIPTION POST. RER CREDIT ASSETS LIABILITIES EQUITY Oct. 15 Sales Salaries Expense Officers Salaries Expense Office Salaries Expense Factory Wages Expense 72,000.00 151,200.00 43,200.00 10,800.00 129,600.00 Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable 129,600.00 9,200.00 108,000.00 49,200.00 Employees Federal Income Tax Payable Medical Insurance Payable Retirement Contributions Payable Salaries Payable 10 5,271.00 15 Payroll Tax Expense Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax Payable State Unemployment Tax Payable 3,200.00 0,800.00 164.00 10700 12 13 14 57,600.00 15 Pension Expense 16 Cash 7,600.00 17 17 7500100 Cash In order to confirm the previous clerk's payroll calculations, you have been asked to supply the following amounts based on your review of the payroll entries. These amounts will be checked against the company records and investigated further if necessary. 1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll. $20,500V K Points: 1 /1 2. What is the total payroll for Copperfield and Company shown in these journal entries? $775,271 X R Points: 0/1 What is Connerfield and Comnanu's share of FICA taxes in this Points:11 2. What is the total payroll for Copperfield and Company shown in these journal entries? $775,271 X Points:0/1 3. What is Copperfield and Company's share of FICA taxes in this payroll? $54,000N Points:1/1 4. How much has Copperfield and Company contributed to employee 401k plans in this payroll? 57,600 Points:11