PAYROLL ENTRIES J&W Buffet Co. employees earned $350,000 in the week ended December 17, Year 1. Of this, $26,775 was withheld from employees' pay for FICA and $62,000 for income taxes. The net pay was directly deposited into the employees' bank accounts. The company must pay $200 for federal unemployment taxes and $1,000 for state unemployment taxes. Prepare the journal entry to record the employees' portion of payroll for December 17, Year 1. Ensure the equation still balances and debits credits Assets Liabilities + Stockholders Equity Prepare the journal entry to record the employer payroll taxes for December 17, Year 1. Ensure the equation still balances and debits -credits Assets = Liabilities + Stockholders Equity