Business, 24.04.2020 20:31 SiegeHatake4534

Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base. Salaries $ 500,000 Federal income taxes to be withheld 100,000 Federal unemployment tax rate 0.60 % State unemployment tax rate (after FUTA deduction) 5.40 % Social security tax rate 6.20 % Medicare tax rate 1.45 % Required: Calculate the income and payroll taxes for the January 2018 pay period. Prepare the appropriate journal entries to record salaries and wages expense (not paid) and payroll tax expense for the January 2018 pay period.

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Lee Financial Services pays employees monthly. Payroll information is listed below for January 2018,...