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Lori Wilson works for ABC all year and earns a monthly salary of $12,700. There is no overtime pay. Lori's income tax withholding rate is
Lori Wilson works for ABC all year and earns a monthly salary of $12,700. 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 1% monthly to United Way. ABC also deducts $175 monthly for co-payment of the health insurance premium. As of September 30, Lori had $114,300 of cumulative earnings. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Lori's net pay for October. (Round all amounts to the nearest cent.) Withholding deductions: Net (take-home) pay Requirement 2. Journalize the accrual of salaries expense and the payment related to the employment of Lori Wilson. (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 Wilson. (Round all amounts to the nearest cent.) Date Accounts and Explanation Debit Credit Now record the entry to record the payment of wages to Lori Wilson. (Round all amounts to the nearest cent.) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next
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