Lee Financial Services pays employees monthly. Payroll information is listed below for January 2024, 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 $630,000 payroll. Salaries $ 630,000 Federal income taxes to be withheld 126,000 Federal unemployment tax rate 0.60% State unemployment tax rate 5.40% Social security tax rate 6.20% Medicare tax rate 1.45% Required: 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.

Complete this question by entering your answers in the tabs below.

• Payroll Tax
• General Journal

Calculate the income and payroll taxes for the January 2024 pay period.

TaxAmount withheld from employees' gross payAmount paid by employerFederal income taxes to be withheld Social Security tax Medicare tax Federal unemployment tax State unemployment tax Total

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.

Journal entry worksheet

Note: Enter debits before credits.

EventGeneral JournalDebitCredit1

Journal entry worksheet

Note: Enter debits before credits.

EventGeneral JournalDebitCredit2