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Knowledge Check 01 Lopez Company has a single employee, who earns...

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Accounting

Knowledge Check 01
Lopez Company has a single employee, who earns a salary of $60,000 per year. That employee is paid on the 15 th and last day of each month. On January 15, based, in part, on the information set forth in the accounting records, the following must be withheld from the employee's pay: FICA-Social Security Taxes (at 6.2%), FICA-Medicare Taxes (at 1.45%), Employee Federal Income Taxes (in the amount of $400), Employee State Income Taxes (in the amount of $25), and Employee Medical Insurance (in the amount of $100).(The employee's paycheck has not yet been prepared.)
Entries to prepare the January 15 journal entry for Lopez would include:
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