During January, a company incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for...

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During January, a company incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employee portion of FICA, $180,000 for federal income tax, $75,000 for state income tax, and $12,000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $74,400 for federal and state unemployment tax and $36,000 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).) X Answer is complete but not entirely correct. No Date General Journal Debit Credit January 31 Salaries Expense 1,200,000 91,800 180,000 January 31 36,000 January 31 166,200 1 2 3 FICA Tax Payable Income Tax Payable Income Tax Payable Accounts Payable Salaries Payable Salaries Expense Accounts Payable Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable 75,000 X 12,000 841,200 36,000 91,800 74,400 During January, a company incurs employee salaries of $1.2 million. Withholdings in January are $91,800 for the employee portion of FICA, $180,000 for federal income tax, $75,000 for state income tax, and $12,000 for the employee portion of health insurance (payable to Company B). The company incurs an additional $74,400 for federal and state unemployment tax and $36,000 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).) X Answer is complete but not entirely correct. No Date General Journal Debit Credit January 31 Salaries Expense 1,200,000 91,800 180,000 January 31 36,000 January 31 166,200 1 2 3 FICA Tax Payable Income Tax Payable Income Tax Payable Accounts Payable Salaries Payable Salaries Expense Accounts Payable Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable 75,000 X 12,000 841,200 36,000 91,800 74,400

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1 Journal entry to record the employee salary expense withholdings and salaries pa... View the full answer