(SOLVED) Lori Waverly works for MRK all year and earns a


Question Description:

$19

Lori Waverly works for MRK all year and earns a monthly salary of $11,700. There is no overtime pay. Lori’s income tax withholding rate is 20% of gross pay. In addition to payroll taxes, Lori elects to contribute 4% monthly to United Way. MRK also deducts $125 monthly for co-payment of the health insurance premium. As of September 30, Lori had $114,900 of cumulative earnings.
Requirements
1. Compute Lori’s net pay for October.
2. Journalize the accrual of salaries expense and the payments related to the employment of Lori Waverly.

Answer

$19