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Problem
On January 8, the end of the first weekly pay period of the year, Royal Company's payroll register showed that its employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,460 of federal income taxes, $1,460 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period.
Required:1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable by the employees of Royal Company.
2. Prepare the journal entry to record Royal Company's January 8 (employee) payroll expenses and liabilities.
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