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Lori Waverly works for ADL all year and earns a monthly salary of $12,800. There is no overtime pay. Lori's income tax withholding rate is
Lori Waverly works for ADL all year and earns a monthly salary of $12,800. There is no overtime pay. Lori's income tax withholding rate is 12% of gross pay. In addition to payroll taxes, Lori elects to contribute 1% monthly to United Way. ADL also deducts $100 monthly for co-payment of the health insurance premium. As of September 30, Lori had $128,000 of cumulative earnings. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 2. Journalize the accrual of salaries expense and the payment related to the employment of Lori Waverly. (Record debits first, then credits. Select explanations on the last line of the journal entry table.) Begin with the entry to accrue salaries expense and payroll withholdings for Lori Waverly. (Round all amounts to the nearest cent.)
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