A company paid its employees $$88600$ in salaries during January and no employee has earned more than $$7000$ this year.

mployee federal tax withholdings were $$14176$ and state tax withholdings were $$7974.$ The FICA Social Security rate is $6\mathrm{.}2\%$ and the

ICA Medicare rate is $1\mathrm{.}45\%.$ The FUTA rate is $0\mathrm{.}6\%$ and the SUTA rate is $3\%$ and both are taxed on the first $$7,000$ of each employee's

vage. Prepare the journal entries to record the employee and employer taxes $($SHOW ALL CALCULATIONS$).$

mployee entry:

mployer entry:

Debit

Credit