Peter Rogers works for Howard Company all year and earns a monthly salary of $ There is no overtime pay. Based on Peter's W Howard withholds income taxes at of his gross pay. As of July Peter had $ of cumulative earnings.
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Journalize the accrual of salary expense for Howard Company related to the employment of Peter Rogers for the month of August. Record debits first, then credits. Round all amounts to the nearest cent. Select the explanation on the last line of the journal entry table.
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For all payroll calculations, use the following tax rates and round amounts to the nearest cent:
Employee: OASDI: on first $ earned; Medicare: up to $ on earnings above $
Employer: OASDI: on first $ earned; Medicare: ; FUTA: on first $ earned; SUTA: on first $ earned.
