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 Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $480,000 96,000 . 60% 5, 40% 6. 20% 1 . 45% Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal ertres to record salaries ard wages expense (not paid) and payroll tax expense for the January 2018 pay period