Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, the first month of Lees fiscal year. Assume that none of the employees exceeded any relevant base of pay, such that all benefit percentages apply to the entire $410,000 payroll.

Salaries	$	410,000
Federal income taxes to be withheld		82,000
Federal unemployment tax rate		0.60	%
State unemployment tax rate (after SUTA deduction)		5.40	%
Social security tax rate		6.20	%
Medicare tax rate		1.45	%

Required: Calculate the income and payroll taxes for the January 2021 pay period. Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2021 pay period.

• Payroll Tax
• General Journal

Calculate the income and payroll taxes for the January 2021 pay period.

Tax	Amount withheld from employees' gross pay	Amount paid by employer
Federal income taxes to be withheld
Social Security tax
Medicare tax
Federal unemployment tax
State unemployment tax
Total

2021 pay period.

Record salaries expense for January 2021 pay period.

Record payroll tax expense for January 2021 pay period.