Lily Carter works for JDK all year and earns a monthly salary of $12,300. There is no
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Lily Carter works for JDK all year and earns a monthly salary of $12,300. There is no overtime pay. Lily’s income tax withholding rate is 15% of gross pay. In addition to payroll taxes, Lily elects to contribute 4% monthly to United Way. JDK also deducts
$200 monthly for co-payment of the health insurance premium. As of September 30, Lily had $125,100 of cumulative earnings.
Requirements
1. Compute Lily’s net pay for October.
2. Journalize the accrual of salaries expense and the payment related to the employment of Lily Carter.
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Related Book For
Horngrens Financial And Managerial Accounting The Managerial Chapters
ISBN: 9781292412337
7th Global Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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