Question
On January 15, the endOn January 15, the end of the first pay period of the year, North Companys employees earned $28,000 of sales salaries.
On January 15, the endOn January 15, the end of the first pay period of the year, North Companys employees earned $28,000 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%, $3,300 of federal income taxes, $616 of medical insurance deductions, and $180 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Companys January 15 salaries expense and related liabilities. of the first pay period of the year, North Companys employees earned $28,000 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%, $3,300 of federal income taxes, $616 of medical insurance deductions, and $180 of union dues. No employee earned more than $7,000 in this first period. Prepare the journal entry to record North Companys January 15 salaries expense and related liabilities.
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