The following information about the weekly payroll was obtained from the records of Boltz Co$.$:

Salaries: Deductions:

Sales salaries $$540,000$ Income tax withheld $$160,000$

Warehouse salaries $155,000$ U$.$S$.$ savings bonds $10,500$

Office salaries $85,000$ Group insurance $9,000$

$$780,000$

Tax rates assumed:

Social security $6\%$ State unemployment $($employer only$)5\mathrm{.}4\%$

Medicare $1\mathrm{.}5\%$ Federal unemployment $($employer only$)0\mathrm{.}8\%$

Required:

$1.$ Assuming that the payroll related to the first full week of the year and was paid on January $7,$ journalize the following entries:

a$.$ January $7,$ to record the payroll.

b$.$ January $7,$ to record the employer$$s payroll taxes on the payroll for the first week of the year. Since it is a new fiscal year, all $$780,000$ in salaries is subject to unemployment compensation taxes.

$2.$ Assuming that the payroll related to the last week of the year and was paid on December $31,$ journalize the following entries:

a$.$ December $31,$ to record the payroll.

b$.$ December $31,$ to record the employer$$s payroll taxes on the payroll for the last week of the year. Of the total payroll for the last week of the year, $$48,000$ is subject to unemployment compensation taxes.