Chapter 11 Question 4, TIF11-2 (similar to) HW Score: 60%, 9 of 15 points Points: 0 of 1 Sav eter Rogers works for Henderson Company all year and earns a monthly salary of $4,200. There is no overtime pay. Based on Peter's W-4, Henderson withholds income taxes at 20% of his gros As of July 31, Peter had $29,400 of cumulative earnings. (Click the icon to view payroll tax rate information.) nalize the accrual of salary expense for Henderson Company related to the employment of Peter Rogers for the month of August. (Record debits first, then credits. Round all amounts to the near Select the explanation on the last line of the journal entry table.) te Salaries Expense Salaries Payable Accounts and Explanation FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable To record salaries expense and payroll withholdings. Debit Credit 4,200.00 60.90 More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI : 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done