Problem VIII The following information is obtained concerning the weekly payroll of AB Corporation which has two employees, Anderson and Buckingham. Anderson Buckingham Year-to-date pay $137,000 $9,500 Hourly wage rate $120 $20 Hours worked 60 30 Federal Withholding Taxes $940 $50 Medical Insurance Premiums $540 $70 Union Dues $100 $10 401 (k) Contribution Percentage 5% 5% Additional Data: 1) Social Security is taxed at 6% of the first $140,000 of annual wages. 2) Medicare is taxed at 1.5% of all wages. 3) State Unemployment Insurance is taxed at 5% of the first $10,000 of annual wages. 4) Federal Unemployment Insurance is taxed at 1% of the first $10,000 of annual wages. 5) AB Corporation matches 100% of all 401 (k) employee contributions. Required: Prepare the necessary journal entries relating to the weekly payroll for the AB Corporation