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$2$

Salaries expense

Federal and state income tax withheld

Federal unemployment tax rate

$$490,000$

State unemployment tax rate $($after FUTA deduction$)$

Social Security $(FICA)$ tax rate $5\mathrm{.}40\%$

$,7\mathrm{.}65\%$

$4$

points

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.$)$

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Journal entry worksheet

$1$

$2$

Record the employee salary, withholdings, and salaries payable.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $31,$Salaries Expense,$490,000,],[,$Accounts Payable,,$490,000],[,,,],[,,,],[,,,],[,,,]]$

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

Salaries expense $$490,000$

Federal and state income tax withheld $98,000$

Federal unemployment tax rate $0\mathrm{.}80\%$

State unemployment tax rate $($after FUTA deduction$)5\mathrm{.}40\%$

Social Security $($FICA$)$ tax rate $7\mathrm{.}65\%$

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.$)$