gross pay. As of July $31,$ Peter had $$28,000$ of cumulative earnings.

$($Click the icon to view payroll tax rate information.$)$ nearest cent. Select the explanation on the last line of the journal entry table.$)$

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For all payroll calculations, use the following tax rates and round amounts to the nearest cent:

Employee: OASDI: $6\mathrm{.}2\%$ on first $$117,000$ earned; Medicare: $1\mathrm{.}45\%$ up to $$200,000,2\mathrm{.}35\%$ on earnings above $$200,000.$

Employer: OASDI: $6\mathrm{.}2\%$ on first $$117,000$ eamed; Medicare: $1\mathrm{.}45\%$; FUTA: $0\mathrm{.}6\%$ on first $$7,000$ earned; SUTA: $5\mathrm{.}4\%$ on first $$7,000$ earned.