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Lori Waverly works for MRK all year and earns a monthly salary of $12,000. There is no overtime pay. Lori's income tax withholding rate is

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Lori Waverly works for MRK all year and earns a monthly salary of $12,000. 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 $108,000 of cumulative earnings. Requirements Compute Lori's net pay for October. Journalize the accrual of salaries expense and the payments related to the employment of Lori Waverly. Orchard Company has monthly salaries of SI 0.000. Assume Orchard pays all the standard payroll taxes and no employees have reached the payroll tax limits. Journalize the accrual and payment of employer payroll taxes for Orchard Company. On December 31. Peterson Company estimates that it will pay its employees a 3% bonus on $62,000 of net income after deducting the bonus. The bonus will be paid on January 15 of the next year. Requirements Journalize the December 31 transaction for Peterson. Journalize the payment of the bonus on January 15

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