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On January 15, the end of the first pay period of the year, North Company's employees earned $40.000 of sales salaries. Withholdings from the employees'
On January 15, the end of the first pay period of the year, North Company's employees earned $40.000 of sales 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%, $3,100 of federal income taxes. $593 of medical insurance deductions, and $230 of union dues. No employee earned more than $7.000 in this first period. Prepare the journal entry to record North Company's January 15 salaries expense and related liabilities. View transaction list Journal entry worksheet
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