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Lee Financial Services pays employees monthly. Payroll information is listed below for January 2024, the first month of Lee's fiscal year. Assume that none
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2024, 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 $410,000 payroll. Salaries Federal income taxes to be withheld Federal unemployment tax rate State unemployment tax rate Social security tax rate $410,000 82,000 0.60% 5.40% 6.20% 1.45% Medicare tax rate 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 Complete this question by entering your answers in the tabs below. Payroll Tax General Journal ed k Calculate the income and payroll taxes for the January 2024 pay period. Tax Amount withheld from employees' Amount paid by employer gross pay Federal income taxes to be withheld t Social Security tax nces Medicare tax Federal unemployment tax State unemployment tax Total Payroll Tax General Journal > View transaction list Journal entry worksheet ed < 1 2 ok t it nces Record salaries expense for January 2024 pay period. Note: Enter debits before credits. Event 1 General Journal Debit Credit Clear entry Record entry View general journal < Prev 7 of 7 Score answer
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