At the end of each month, a company pays its employees. Payroll information below is for January, the first month of the fiscal year. Assume that none of the employees exceeds the Federal unemployment tax maximum salary of $8,000 in January. Salaries Federal and state income taxes withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social Security (FICA) tax rate $800,000 150,000 0.80% 5.40% 7.65% Record salaries expense and payroll tax expense for the Jantary pay period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)