The end of the first bi-weekly pay period of the year

Reference no: EM13569616

The end of the first bi-weekly pay period of the year, Rockin Company's payroll register showed that its employees earned $14,000 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, $309 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 Rockin Company's January 14 payroll expenses and liabilities.

Reference no: EM13569616

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