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Nashville Publishing Company pays Its employees monthly Payments made by the company on October 31 follow. Cumulative amounts for the year paid to the persons prior to the October 31 payroll are also given. 1. Paul Parker, president, gross monthly salary of $19,700; gross earnings prior to October 31, $171,000. 2. Carolyn Wells, vice president, gross monthly salary of $15,900; gross earnings pald prior to October 31, $152,000. 3. Michelle Clark, Independent accountant who audits the company's accounts and performs consulting services, $15,800; gross amounts pald prior to October 31, $44,200. 4. James Wu, treasurer, gross monthly salary of $5,300; gross earnings prior to October 31, $52,100. 5. Payment to Editorial Publishing Services for monthly services of Betty Jo Bradley, an editorial expert, $5,300; amount paid to Editorial Publishing Services prior to October 31 $33,400. Required: 1. Use an earnings celling of $132,900 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all earnings for Medicare taxes. Prepare a schedule showing the following Information: a. Each employee's cumulative earnings prior to October 31 b. Each employee's gross earnings for October c. The amounts to be withheld for each payroll tax from each employee's earnings: the employee's income tax withholdings are Poul Parker, $5,166; Carolyn Wells, $4,472: James Wu, $1,216. d. The net amount due each employee. e. The total gross earnings, the total of each payroll tax deduction, and the total net amount payable to employees. 2. Prepare the general Journal entry to record the company's payroll on October 31 3. Prepare the general Journal entry to record payments to employees on October 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2 and 3 Use an earnings celling of $132,900 for social security taxes and a tax rate of 6.2 percent and a tax rate of 1.45 percent on all eamings for Medicare taxes. Prepare a schedule showing the following information (Round your answers to 2 decimal places.): Employee Name Cumulative earnings Monthly pay Social Security Medicare Employee Income tax withholding Net pay Totals $ 0.00 $ 0.00 $ 0.00 $ 0.005 0.00 $ 0.00 Required 2 and 3 > Required 1 Required 2 and 3 Prepare the general journal entry to record the company's payroll expenses and also payments to employees on October 31. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet > Record the company's payroll to be paid at a later date. Note: Enter debits before credits. General Journal Debit Credit Dato October 31 Record entry Clear entry View general Journal Required 1 Required 2 and 3 Prepare the general journal entry to record the company's payroll expenses and also payments to employees on October 31. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 2 Record the entry to summarize payment of the payroll. Note: Enter debits before credits General Journal Debit Credit Date October 31 Racord entry Clear entry View general Journal

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