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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
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. Salariers Federal income taxen to be vithheld Federal unemployment tax rate $500,000 100,000 0.60 5.404 6.20% 1.45 state unemployment tax rate (after PUTA deduction) Soolal security tax rate Medicare tax rate Required: Calculate the income and wages expense (not paid) and payroll tax expense for the January 2018 pay period payroll taxes for the January 2018 pay perlod. Prepare the appropriate journal entries to record salaries and Complete this question by entering your answers in the tabs below nces Payroll Tax ournal General Calculate the Income and payroll taxes for the January 2018 pay period. Tax Federal income taxes to be withheld | Social Security (62%) Medicare (1.45%) tax rate Federal unemployment tax State unemployment tax Total
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