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 $3,520.00 $ $ Overtime earnings 124.00 Total earnings $3,675.00 $ $ Federal income tax withheld $320.00 $ $ State income tax withheld 36.80 Social Security tax withheld 227.85 170.00 Medicare tax withheld 53.29 39.76 Charity withheld 34.00 96.00 Total deductions $699.14 $526.56 $ Net pay $ $2,215.44 $
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 $3,520.00 $ $ Overtime earnings 124.00 Total earnings $3,675.00 $ $ Federal income tax withheld $320.00 $ $ State income tax withheld 36.80 Social Security tax withheld 227.85 170.00 Medicare tax withheld 53.29 39.76 Charity withheld 34.00 96.00 Total deductions $699.14 $526.56 $ Net pay $ $2,215.44 $
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
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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 | $3,520.00 | $ | $ |
| Overtime earnings | 124.00 | ||
| Total earnings | $3,675.00 | $ | $ |
| Federal income tax withheld | $320.00 | $ | $ |
| State income tax withheld | 36.80 | ||
| Social Security tax withheld | 227.85 | 170.00 | |
| Medicare tax withheld | 53.29 | 39.76 | |
| Charity withheld | 34.00 | 96.00 | |
| Total deductions | $699.14 | $526.56 | $ |
| Net pay | $ | $2,215.44 | $ |
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