On January 8, the end of the first weekly pay period of the year, Regal Company's payroll register showed that its employees earned $25,760 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%, $12,960 of federal income taxes, $1,390 of medical insurance deductions, and $920 of union dues. No employee earned more than $7,000 in this first period.
Requirement:
Calculate FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record Regal Company's January 8 (employee) payroll expenses and liabilities.