Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.

Salaries $ 630,000

Federal income taxes to be withheld 126,000

Federal unemployment tax rate 0.60 %

State unemployment tax rate (after FUTA deduction) 5.40 %

Social security tax rate 6.20 %

Medicare tax rate 1.45 %

Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2018 pay period.

Complete this question by entering your answers in the tabs below. Payroll Tax General Journal Calculate the income and payroll taxes for the January 2018 pay period. Tax Amount withheld from Amount paid by employees' gross pay employer Federal income taxes to be withheld Social Security (6.2%) Medicare (1.45%) tax rate Federal unemployment tax State unemployment tax Total 0 $ $ 0 Payroll Tax General Journal > Complete this question by entering your answers in the tabs below. Payroll Tax General Journal Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2018 pay period. (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 2 > Record salaries and wage expense for January 2018 pay period. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2018 pay period. (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 Record payroll expense for January 2018 pay period. Note: Enter debits before credits. General Journal Debit Credit Event 2 Record entry Clear entry View general journal