On january 15, the end of the first biweekly pay period of the year, north company's payroll register showed that its employees earned $28,000 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%,$3,800 of federal income taxes, $678 of medical insurance deductions, and $190 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.

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Explanation:

Salaries Payable = (Salariesexpense - Socialsecurity taxes - Medicaretaxes - Incometaxes - MedicalcareInsurance Education - Union dues)

=$28,000−$1,736−$406−$3,800−$678−$190

=$28,000−$6,810

=$21,190

Hence, the salaries payable are $21,190.

Compute the social security taxes using the equation as shown below:

\begin{array}{c}\\{\rm{Social security taxes}} = {\rm{FICA tax rate}} \times {\rm{Salaries expense}}\\\\ = 6.2\% \times \$ 28,000\\\\ = \$ 1,736\\\end{array}  

Socialsecuritytaxes=FICAtaxrate×Salariesexpense

=6.2%×$28,000

=$1,736

Hence, social security taxes are $1,736.

Compute the Medicare taxes using the equation as shown below:

Medicaretaxes=Medicaretaxrate×Salariesexpense

=1.45%×$28,000

=$406

Hence, Medicare taxes are $406.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

a

explanation: