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Lori waverly works for mrk all year and earns a monthly

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.

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Accounting Basics: Lori waverly works for mrk all year and earns a monthly

Reference No:- TGS02906735

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