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Lopez Company has a single employee, who earns a salary of $2,500 per pay period...

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Accounting

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Lopez Company has a single employee, who earns a salary of $2,500 per pay period (or $60,000 per year). The employee's paycheck, dated January 15 of the current year, included withholdings of $400 for employee federal and state income taxes, $155 for FICA-Social Security Taxes, and $36.25 for FICA-Medicare Taxes. FUTA specifies a federal tax rate of 6.0% on taxable wages up to the first $7,000 for each employee. Complete the necessary journal entry to record the employer payroll tax. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the compensation expense for FICA taxes and FUTA taxes. No journal entry required Note: Enter det Cash Credit Date January 15 Compensation expense Deferred revenue FICA payable FUTA payable Debit 2,500.00 Record entry Clear entry View general Journal Record the compensation expense for FICA taxes and FUTA taxes. Note: Enter det Date January 15 FUTA payable Interest expense Interest payable Lease expense Note payable Credit Debit 2,500.00 + Record entry Clear entry View general Journal

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