accounting

Lee Financial Services pays employees monthly. Payroll information is listed below for January 2016, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries $ 520,000 Federal income taxes to be withheld 104,000 Federal unemployment tax rate 0.60 % State unemployment tax rate (after FUTA deduction) 5.40 % Social security tax rate 6.20 % Medicare tax rate 1.45 % Required: Calculate the income and payroll taxes for the January 2016 pay period. Amount withheld Tax from employees' Amount paid by gross pay employer Federal income taxes to be withheld Social Security (6.2%) Medicare (1.45%) tax rate Federal unemployment tax State unemployment tax Total $ $ Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2016 pay period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X Record salaries and wage expense for January 2016 pay period. 2 Record payroll expense for January 2016 6 pay pay period. Credit