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OMG Corporation has gross salaries of $5500 for the most recent pay period. Federal Income Taxes are $845. Unemployment taxes are $275. The total

OMG Corporation has gross salaries of $5500 for the most recent pay period. Federal Income Taxes are $845. Unemployment taxes are $275. The total OASDI (Social Security) tax is 12.4% and the total Medicare tax is 2.9%. The employer and employee each pay half of both FICA taxes. 401K contributions are $165. Instructions: Prepare the journal entries to record: a. The withholding of employee taxes b. Payment of payroll taxes by the company.

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