Excel Products Inc $\begin{array}{lr}\text { Salary expense } & \$ 120,000 \\\text { Federal income tax withheld } & 20,000\end{array}$

Excel Products Inc. pays its employees semimonthly. The summary of the payroll for December 31, indicated the following: $\begin{array}{lr}\text { Salary expense } & \$ 120,000 \\\text { Federal income tax withheld } & 20,000\end{array}$ ​
Payroll is subject to social security tax of 6% and Medicare tax of 1.5%, with no maximum earnings; $10,000 is subject to state unemployment tax of 5.4% and federal unemployment tax of 0.8%. Prepare the journal entries for payroll tax expense if the employees are paid on December 31 of the current year.

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