Business, 06.05.2020 00:44, joshua9814
On January 15, the end of the first pay period of the year, North Company’s employees earned $26,000 in 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%, $3,000 of federal income taxes, $549 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 North Company’s January 15 (employee) payroll expenses and liabilities.
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On January 15, the end of the first pay period of the year, North Company’s employees earned $26,000...
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