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Journalize the accrual of salaries expense

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Question - 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

1. Compute Lori's net pay for October.

2. Journalize the accrual of salaries expense and the payments related to the employment of Lori Waverly.

Reference no: EM132119509

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