The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the current pay period. Round tax amounts to the nearest cent. Total (gross) earnings for current pay period . . . . . . . . . . . . . . . . $ 740 Cumulative earnings of previous pay periods . . . . . . . . . . . . . . . $9,700

College Accounting (Book Only): A Career Approach
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Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 7E
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The payroll records of Speedy Software show the following information about Marsha Gottschalk, an
employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance.
Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding (use the
withholding table in Exhibit 11A.6), state income tax (1.0%), and net pay for the current pay period.
Round tax amounts to the nearest cent. Total (gross) earnings for current pay period . . . . . . . . . . . . . . . . $ 740
Cumulative earnings of previous pay periods . . . . . . . . . . . . . . . $9,700

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