Calculation of Taxable Earnings and Employer Payroll Taxes and Preparation of Journal Entry 1.  Calculate the amount of taxable earnings for unemployment, Social Security, and Medicare taxes. 2.   Prepare the journal entry to record the employer's payroll taxes as of September 14, 20--. Round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Selected information from the payroll register of Joanie's Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first $118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first $7,000 of earnings.         Taxable Earnings Employee Name Cumulative PayBefore CurrentEarnings CurrentGross Pay UnemploymentCompensation SocialSecurity Jordahl, Stephanie       $6,600      $1,190       Keesling, Emily   6,150      1,070       Palmer, Stefan   55,200      2,410       Soltis, Robin   54,300      2,280       Stout, Hannah   29,050      2,030       Xia, Xu   116,630      2,850

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