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On January 14, the end of the first pay period of the year, a companys employees earned $30,000 of salaries. Withholdings from the employees salaries
On January 14, the end of the first pay period of the year, a companys employees earned $30,000 of salaries. Withholdings from the employees salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, and $8,000 of federal income taxes. No employee earned more than $7,000 in this first period.
Prepare the journal entry to record the companys January 14 salaries expense and related liabilities.
Record the companys January 14 salaries expense and related liabilities.
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