Lee Financial Services pays employees monthly. Payroll information is listed below for January 2024, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant base of pay, such that all benefit percentages apply to the entire $620,000 payroll. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate Social security tax rate Medicare tax rate Required: $ 620,000 124,000 0.60% 5.40% 6.20% 1.45% Calculate the income and payroll taxes for the January 2024 pay period. Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2024 pay period. Salaries are not yet paid. Payroll Tax General Journal Calculate the income and payroll taxes for the January 2024 pay period. Tax Amount withheld from Amount paid by employer gross pay employees' Federal income taxes to be withheld Social Security tax Medicare tax Federal unemployment tax State unemployment tax Total $ 0 $ 0 < Payroll Tax General Journal > Payroll Tax General Journal Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2024 pay period. Salaries are not yet paid. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record salaries expense for January 2024 pay period. Note: Enter debits before credits. Event 1 General Journal Debit Credit 7 Record entry Clear entry View general journal Payroll Tax General Journal Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2024 pay period. Salaries are not yet paid. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 Record payroll tax expense for January 2024 pay period. Note: Enter debits before credits. Event 2 General Journal Debit Credit Record entry Clear entry View general journal