January 7: Prepare the journal entry to transfer cash from the regular Cash account to the Payroll cash account for the net amount of the total payroll. January 7: Prepare the journal entry to record the employee's payroll, payroll taxes, and net pay for the January 7 pay week. January 7: Prepare the journal entry to record the employer's taxes and liabilities created. January 12: Prepare the journal entry to record the paychecks are issued to employees. January 15: North Country Hotel and Resort is a monthly depositor and pays its FICA taxes and federal income taxes on the 15th of the following month. Use the January 1 beginning balances in the FICA and FIT accounts to record the deposit of the December taxes. January 15: Prepare the journal entry deposit of the December city taxes. City taxes are due on the 15th of the following month. Use the January 1 balances. January 15: State tax (SIT) is due. Prepare the journal entry to deposit the State income taxes. Use the January 1 balances. W2 Worksheet