During January, a company incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, $390,000 for federal income tax, $162,500 for state income tax, and $26,000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 for the employer portion of health insurance. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i. e. 5 should be entered as 5,000,000).)

The journal entries to record would be the following:

Jan-31                           Debit                              Credit

Salaries Expenses    $2,600,000

Income Tax payable ($390,000+$162,500)     $522,500

FICA Tax payable                                                $198,900

Accounts payable                                                $26,000

Salaries payable Balance                                     $1,822,600

Jan-31                         Debit                              Credit

Salaries Expenses    $78,000

Accounts payable                                           $78,000

Jan-31                         Debit                              Credit

Payroll Tax expense $360,100

FICA Tax Payable                                       $198,900

Unemployment Tax Payable                     $161,200

Explanation:

The journal entries to record would be the following:

To record employee salary expense and withholdings

Jan-31                           Debit                              Credit

Salaries Expenses    $2,600,000

Income Tax payable ($390,000+$162,500)     $522,500

FICA Tax payable                                                $198,900

Accounts payable                                                $26,000

Salaries payable Balance                                     $1,822,600

To record fringe benefit provided by employer

Jan-31                         Debit                              Credit

Salaries Expenses    $78,000

Accounts payable                                           $78,000

To record employer payroll taxes

Jan-31                         Debit                              Credit

Payroll Tax expense $360,100

FICA Tax Payable                                       $198,900

Unemployment Tax Payable                     $161,200

answer; (c) canada,mexico and the united states. i do believe this is the correct answer; /// good luck

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough