PROBLEM Y: PREPARING THE Using the information below, determine payroll period ending March 31, 2018 FUTA, and SUTA. Then, recor THE PAYROLL-TAY-ENTRY (10 POINTS Manch h e amount of the p laces incurred for Mary Jane's Pies for the In your answer is the amount for FICA: (Social Security and Medicare record the payroll somal entry of the emple Employee Current Period Gross Pay 300 700 Cewe Gry Farger Curreal 5,000 4.200 8.100 Assume the following [0FUTA net Tax 6% Wa Cap Lim $7.000. 12] SUTA Taxis 5.4% Wage Cap Linke $7,000. FICA - Social Security T 6 29 Wage Cap Li -5122,700 14 FICA - Medicare Taxis 1.451, NO WAGE CAP!! e se levied & owed by the employer Part 1: Determine the amount of payroll tax TOTAL A Current pay "subject to tax FUTA TAX - 0.6% SUTA TAX - 5.4% Current pay "subject to tax.... FICA-SS TAX - 6.2% FIAC-MED TAX - 1.45% Total Payroll Taxes Part 2: Prepare the journal entry to record the payroll tax expense obligation owed by the employer Hint: This journal enory is to record the payroll ter obligation owed by the employer, not the deposit" of the payroll taxes GENERAL JOURNAL ACCOUNT NAME & DESCRIPTION DATE DEBIT CREDIT To record the payroll tax expense obligation owed by the ER Page 6 ule information from Problem V, Page 6 prep for the Federal Form 941 taxes." Page 6 prepare the journal entry to record the "tax deposit" (making the payinch) Mary Jane's Pie Company combine Security Payable account & one FICA-Med account had a $150 normal ending balance afte combines the employer portion of FICA taxes with the employees portion into one FICA-SOCIA! FICA-Medicare Payable account. In addition, the Federal Income Tax (FIT) Payable normal ending balance after the March 31" payroll entry was posted. DATE GENERAL JOURNAL ACCOUNT NAME & DESCRIPTION DEBIT CREDIT