On january 8 the end of the first weekly pay period of the

Reference no: EM13609106

On January 8, the end of the first weekly pay period of the year, Royal Companys payroll register showed that its emplolyees earned 11,380 of office salaries and 32,920 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%,$6,340 of federal income taxes, 670 of medical insurance deductions, and 420 of union dues. No employee earned more than 7,000 in this first period.

1. Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Royal Companys January 8 (employee) payroll expenses and liabilties.

Reference no: EM13609106

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