Preferred Company paid their employees a gross salary of $180,000. Deductions included: Retirement deduction (employee) 5000 18000 Federal and State withholdings FICA Taxes (employee share) 13770 2700 Fed. And State Unemployment (employer) Health Insurance (employer) 10000 Prepare the journal entry for Preferred Company to report the net pay to employees Prepare the journal entry for Preferred Company to report their payroll taxes they incurred