In January, gross earnings in Sheridan Company were $78,000. All earnings are subject to 7.65% FICA taxes. Federal income tax withheld was $17,500, and state income tax withheld was $2,000. (a) Your answer is correct. Calculate net pay for January. Net pay for January $ 52,533 eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) Record the payroll. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit