LO&ES-17A. (Learning Objective 4: Account for payroll expense and liabilities) Key West has an annual payroll of $150,000. In addition, the company incurs payroll tax expense of 10% of the annual payroll. At December 31, Key West owes salaries of $8,000 and FICA and other payroll tax of $1,000. The company will pay these amounts early next year. Show what Key West will report for the foregoing on its income statement for the year and on its year-end balance sheet