You are the accountant for Camino Jet Engines, Inc. On January 31 of this year, the company's payroll register showed the following information. Using this information, you should record both the employee salaries expense and employer payroll tax expense journal entries.

You are the accountant for Camino Jet Engines, Inc. On January 31 of this year, the company's payroll register showed the following information. Using this information, you should record both the employee salaries expense and employer payroll tax expense journal entries. Payroll Information A) The company's employees earned salaries of $188,000. Withholdings from the employees' salaries include FICA Social Security taxes at B) the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, and $28,200 of federal income taxes. The SUTA Tax rate is 5.4%. The FUTA Tax rate is 0.6%. No employee had earned C) more than $7,000 at January 31. No employee had exceeded the FICA-Social Security taxable wage base for D) 2020. Required 1: Prepare the journal entry to record the company's January 31 payroll expenses and liabilities. Required 2: Prepare the journal entry to record the company's employer payroll taxes resulting from the January 31 payroll. The company's merit rating reduces its state unemployment (SUTA) to 4% of the first $7,000 paid to each employee. The federal unemployment tax (FUTA) rate is 0.6%. The preferred format of your journal entry should be as follows: Journal Entry Example Account Name Debit Amount Credit Amount