The company has two employees, one is a sales technician, salary of $7000 per month and the other employee is the office
manager with a salary of $5000 per month. Payroll is processed on the last day of the month, and paid on the first day of the
following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Please help me prepare a journal entry for this: December 31 Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates
are as follows: Federal Income Tax Rate – 15%, NC State Income Tax Rate – 10%. FICA Tax Rate – 7.65%. Unemployment Tax Rate – 6% on the first $7000 of each employees earnings per year