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Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, the first month of Lee's fiscal year. Assume that none of
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, 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 $570,000 payroll. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate Social security tax rate Medicare tax rate $570,000 114,000 0.60% 5.40% 6.20% 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. Complete this question by entering your answers in the tabs below. 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 Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021, 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 $570,000 payroll. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate Social security tax rate Medicare tax rate $570,000 114,000 0.60% 5.40% 6.20% 1.458 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. Complete this question by entering your answers in the tabs below. Payroll Tax General Journal Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the January 2021 pay period. (Ifr is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record salaries expense for January 2021 pay period. Note: Enter debits before credits. Event General Journal Debit Credit 1
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