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An employee receives an hourly rate of $45, with time and a half for all...

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Accounting

An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $950; Social security tax rate, 6.2%; Medicare tax rate, 1.45%; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, 0.6% on the first $7,000. Journalize the necessary entries related to payroll: a. This is the first payroll of the year and the employee has no cumulative earnings for the year to date. $ b. The employee's cumulative earnings for the year prior to this week equal $118,700

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