Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
- OTHGI Olivia Bennington works for JMK all year and earns a monthly salary of $12.400. There is no overtime pay Olivia's income tax withholding
- OTHGI Olivia Bennington works for JMK all year and earns a monthly salary of $12.400. There is no overtime pay Olivia's income tax withholding rate is 10% of gross pay. In addition to payroll taxes, Olivia elects to contribute 1% monthly to United Way JMK also deducts $150 monthly for co payment of the health insurance premium. As of September 30, Olivia had $111.600 of cumulative earnings (Click the icon to view payroll tax rate information) Read the requirements Requirement 1. Compute Olivia's net pay for October (Round all amounts to the nearest cent) Gross pay Withholding deductions Requirements Net (take-home) pay 1. Compute Olivia's net pay for October 2. Journalize the accrual of salaries expense and the payment related to the employment of Olivia Bennington Choose from any list or enter and 2 parts Print Done remaining i More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee Employer OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned: Medicare: 1.45% on all earnings, FUTA: 0.6% on first $7,000 earned: SUTA: 5.4% on first $7,000 earned Print Done
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started