Newton Company has monthly salaries of $16,000. Assume Newton pays all the standard payroll taxes, no employees have reached the payroll tax limits, total income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of employer payroll taxes, and payment of employee and employer payroll taxes for Newton Company. (Assume all of the monthly salary is subject to FUTA and SUTA. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) i (Click the icon to view payroll tax rate information.) Begin with the entry to accrue salaries expense and payroll withholdings for the employee. Date Accounts and Explanation Debit Credit More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done