Airline Temporary Services (ATS) pays employees monthly Payroll information is listed below for January, the first month of ATSs fiscal year Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January Salaries expense $470,000 Federal and state income tax withheld 94,000 Federal unemployment tax rate 0 8 State unemployment tax rate (after FUTA deduction) 5 4 Social security (FICA) tax rate 7 65 Required Record salaries expense and payroll tax expense for the January pay period (If no entry is required for a particular transaction, select No journal entry required in the first account field ) 1 Record the employee salary, withholdings, and salaries payable 2 Record the employer payroll tax expense

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Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATSs fiscal year. Assume that none of

Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATSs fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.


Salaries expense	$470,000
Federal and state income tax withheld	94,000
Federal unemployment tax rate	0.8 %
State unemployment tax rate (after FUTA deduction)	5.4 %
Social security (FICA) tax rate	7.65 %
Required: Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) 1. Record the employee salary, withholdings, and salaries payable. 2. Record the employer payroll tax expense.