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gross pay. As of July 31, Peter had $28,000 of cumulative earnings. (Click...

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Accounting

gross pay. As of July 31, Peter had $28,000 of cumulative earnings.
(Click the icon to view payroll tax rate information.) 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: 6.2% on first $117,000 earned; Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000.
Employer: OASDI: 6.2% on first $117,000 eamed; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned.
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