Blitzen Marketing Research paid its weekly and monthly payroll on January 31. The following information is available about the payroll:

Item	Amount
Monthly salaries	$237,480
Hourly wages	585,000
FICA:
Social Security (both employee and employer)	6.20%
Medicare (both employee and employer)	1.45%
Withholding for federal income taxes	$108,500
Federal unemployment taxes	1,200
State unemployment taxes	4,000

Blitzen will pay both the employer's taxes and the taxes withheld on April 15.

Required:

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1. Prepare the journal entries to record the payroll payment and the incurrence of the associated expenses and liabilities. If an amount box does not require an entry, leave it blank. When required, round your answers to two decimal places.

Jan. 31	CashIncome Taxes ExpenseMedicare Taxes Expense (Employer)Salaries ExpenseSocial Security Taxes Expense (Employee)	- Select -	- Select -
	CashInterest ExpenseMedicare Taxes Expense (Employer)Social Security Taxes Expense (Employee)Wages Expense	- Select -	- Select -
	CashFederal Unemployment Taxes PayableMedicare Taxes Expense (Employer)Social Security Taxes Payable (Employer)Wage Expense	- Select -	- Select -
	Federal Unemployment Taxes PayableMedicare Taxes Payable (Employer)Social Security Taxes Payable (Employee)Social Security Taxes Payable (Employer)Wage Payable	- Select -	- Select -
	Medicare Taxes Expense (Employer)Medicare Taxes Payable (Employee)Salaries ExpenseState Unemployment Taxes PayableWage Payable	- Select -	- Select -
	Federal Income Taxes Withholding PayableFederal Unemployment Taxes ExpenseMedicare Taxes Payable (Employer)Social Security Taxes Payable (Employer)Wage Payable	- Select -	- Select -
	(Record salaries, wages, and liabilities)
Jan. 31	Federal Unemployment Taxes PayableMedicare Taxes Payable (Employer)Salaries ExpenseSocial Security Taxes Expense (Employer)Social Security Taxes Payable (Employer)	- Select -	- Select -
	Interest ExpenseMedicare Taxes Expense (Employer)Medicare Taxes Payable (Employer)Social Security Taxes Expense (Employee)Wages Expense	- Select -	- Select -
	Federal Unemployment Taxes ExpenseFederal Unemployment Taxes PayableMedicare Taxes Payable (Employer)Salaries ExpenseSocial Security Taxes Expense (Employee)	- Select -	- Select -
	Salaries ExpenseSocial Security Taxes Expense (Employee)Social Security Taxes Payable (Employer)State Unemployment Taxes ExpenseState Unemployment Taxes Payable	- Select -	- Select -
	Medicare Taxes Expense (Employer)Social Security Taxes Expense (Employer)Social Security Taxes Payable (Employee)Social Security Taxes Payable (Employer)Wages Payable	- Select -	- Select -
	Medicare Taxes Expense (Employee)Medicare Taxes Expense (Employer)Medicare Taxes Payable (Employer)Social Security Taxes Payable (Employee)Wages Payable	- Select -	- Select -
	Federal Unemployment Taxes ExpenseFederal Unemployment Taxes PayableMedicare Taxes Payable (Employee)Social Security Taxes Payable (Employee)Wages Payable	- Select -	- Select -
	Federal Unemployment Taxes ExpenseSalaries PayableSocial Security Taxes Payable (Employee)State Unemployment Taxes ExpenseState Unemployment Taxes Payable	- Select -	- Select -
	(Record employer payroll taxes)

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2. What is the employees' gross pay? $fill in the blank 7c54bf01ffb5fa0_1

What amount does Blitzen pay in excess of gross pay as a result of taxes? (Note: Provide both an absolute dollar amount and as a percentage of gross pay, rounding to two decimal places.) $fill in the blank 7c54bf01ffb5fa0_2

This is fill in the blank 7c54bf01ffb5fa0_3 % of gross pay.

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3. How much is the employees' net pay as a percentage of total payroll related expenses? Round your answers to two decimal places. fill in the blank 8d80dd00505cf90_1 %

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4. Conceptual Connection: If another employee can be hired for $60,000 per year, what would be the total cost of this employee to Blitzen? Do not round intermediate calculations and round your final answer to two decimal places. $fill in the blank 94087e09eff4f94_1