Question
On January 15, the end of the first pay period of the year, Haywood Company's employees earned $26,000 of sales salaries. Withholdings from the
On January 15, the end of the first pay period of the year, Haywood Company's employees earned $26,000 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%, $4,000 of federal income taxes, $694 of medical insurance deductions, and $170 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record Haywood Company's January 15 salaries expense and related liabilities. View transaction list Journal entry worksheet < 1 Record the employee payroll for period. Note: Enter debits before credits. Date January 15 General Journal Debit Credit
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