Assume that the current rate for FICA social security is 6.2% (for the first $137,000 of an employee's salary) and the FICA Medicare rate is 1.45% for all salaries. Also, the current FUTA (unemployment) tax rate is 0.8%, and the SUTA (unemployment) tax rate is 5.4%, which apply to the first $7,000 of an employee's pay. Assume that an employee earned $200,000 with a federal income tax
rate of 15% and a state income tax rate of 4%.
Required: Prepare the journal entries assuming the company vear-end is December 31 for this emplovee.