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Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 2,500 FIT Social Security FICA Medicare Net pay

Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 2,500 FIT Social Security FICA Medicare Net pay

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 2,500 FIT Social Security FICA Medicare Net pay
Transcribed Image Text:Assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1). Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Employee Pat Brown Marital status S Gross pay $ 2,500 FIT Social Security FICA Medicare Net pay
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