S 11-5 Recording employee payroll taxes LO P2 On January 15, the end of the first pay period of the year, North Companys employees earned $50,000 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%, $2,600 of federal income taxes, $1,330 of medical insurance deductions, and $120 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