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Maloney Company has a weekly payroll of $200,000. The FICA-Social Security tax is 6.2% and the FICA -Medicare tax is 1.45%. The total withholding for

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Maloney Company has a weekly payroll of $200,000. The FICA-Social Security tax is 6.2% and the FICA -Medicare tax is 1.45%. The total withholding for federal income tax is $23, 500 for the current week. Required: Prepare the journal entry to record the company's salaries expenses and liabilities for the week (assume no employee's salary is over the FICA limit)

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