Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Determine the missing amounts assuming that the Social Security tax is 6.2 percent, the Medicare tax is 1.45 percent, and the state income tax is 20 percent of the federal income tax. Assume that the employees are married and have one withholding allowance. All earnings are subject to Social Security and Medicare taxes. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values. BROWN RINGNESS TOTAL Regular earnings $3,500.00 $fill in the blank 1 $fill in the blank 2 Overtime earnings fill in the blank 3 120.00 fill in the blank 4 Total earnings $3,646.00 $fill in the blank 5 $fill in the blank 6 Federal income tax withheld $312.08 $fill in the blank 7 $fill in the blank 8 State income tax withheld fill in the blank 9 35.18 fill in the blank 10 Social Security tax withheld 226.05 169.76 fill in the blank 11 Medicare tax withheld 52.87 39.70 fill in the blank 12 Charity withheld 35.00 97.00 fill in the blank 13 Total deductions $688.42 $517.53 $fill in the blank 14 Net pay $fill in the blank 15 $2,220.47 $fill in the blank 16
Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Determine the missing amounts assuming that the Social Security tax is 6.2 percent, the Medicare tax is 1.45 percent, and the state income tax is 20 percent of the federal income tax. Assume that the employees are married and have one withholding allowance. All earnings are subject to Social Security and Medicare taxes. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values. BROWN RINGNESS TOTAL Regular earnings $3,500.00 $fill in the blank 1 $fill in the blank 2 Overtime earnings fill in the blank 3 120.00 fill in the blank 4 Total earnings $3,646.00 $fill in the blank 5 $fill in the blank 6 Federal income tax withheld $312.08 $fill in the blank 7 $fill in the blank 8 State income tax withheld fill in the blank 9 35.18 fill in the blank 10 Social Security tax withheld 226.05 169.76 fill in the blank 11 Medicare tax withheld 52.87 39.70 fill in the blank 12 Charity withheld 35.00 97.00 fill in the blank 13 Total deductions $688.42 $517.53 $fill in the blank 14 Net pay $fill in the blank 15 $2,220.47 $fill in the blank 16
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E: Precision Labs has two employees. The following information was taken from its individual earnings...
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Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September.
Determine the missing amounts assuming that the Social Security tax is 6.2 percent, the Medicare tax is 1.45 percent, and the state income tax is 20 percent of the federal income tax. Assume that the employees are married and have one withholding allowance. All earnings are subject to Social Security and Medicare taxes. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values.
BROWN | RINGNESS | TOTAL | |
Regular earnings | $3,500.00 | $fill in the blank 1 | $fill in the blank 2 |
Overtime earnings | fill in the blank 3 | 120.00 | fill in the blank 4 |
Total earnings | $3,646.00 | $fill in the blank 5 | $fill in the blank 6 |
Federal income tax withheld | $312.08 | $fill in the blank 7 | $fill in the blank 8 |
State income tax withheld | fill in the blank 9 | 35.18 | fill in the blank 10 |
Social Security tax withheld | 226.05 | 169.76 | fill in the blank 11 |
Medicare tax withheld | 52.87 | 39.70 | fill in the blank 12 |
Charity withheld | 35.00 | 97.00 | fill in the blank 13 |
Total deductions | $688.42 | $517.53 | $fill in the blank 14 |
Net pay | $fill in the blank 15 | $2,220.47 | $fill in the blank 16 |
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