On January 15, the end of the first biweekly pay period of the year, North Company’s payroll register showed that its employees earned $ 35,000 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%, $6,500 of federal income taxes, $772.50 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 Company’s January 15 (employee) payroll expenses and liabilities. (Round amounts to cents.)
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