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EXERCISE 7-7 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. Round amounts to the nearest penny. Brown Ringness 2$ Total Regular earnings Overtime earnings $ 3,500.00 24 120.00 Total earnings $3,646.00 2$ $ 312.08 24 Federal income tax withheld 2$ %24 State income tax withheld 35.18 Social Security tax withheld Medicare tax withheld 226.05 169.76 52.87 39.70 Charity withheld Total deductions 35.00 97.00 $ 688.42 24 517.53 24 Net pay 2$ $ 2,220.47 24

EXERCISE 7-7 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. Round amounts to the nearest penny. Brown Ringness 2$ Total Regular earnings Overtime earnings $ 3,500.00 24 120.00 Total earnings $3,646.00 2$ $ 312.08 24 Federal income tax withheld 2$ %24 State income tax withheld 35.18 Social Security tax withheld Medicare tax withheld 226.05 169.76 52.87 39.70 Charity withheld Total deductions 35.00 97.00 $ 688.42 24 517.53 24 Net pay 2$ $ 2,220.47 24

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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2: Accounting for Cash and Payroll 1, 2, 3 EXERCISE 7-7 Precision Labs has two emplovees. 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. Round amounts to the nearest penny. 2,3 how me IOW Brown Ringness Total Regular earnings Overtime earnings $ 3,500.00 120.00 Total earnings $ 3,646.00 24 24 Federal income tax withheld $312.08 %24 2$ State income tax withheld 35.18 Social Security tax withheld Medicare tax withheld 226.05 169.76 52.87 39.70 97.00 Charity withheld Total deductions 35.00 $ 688.42 517.53 ? $ 2,220.47 Net pay 5. %24 %24 %24 %24 %24 %24
Transcribed Image Text:2: Accounting for Cash and Payroll 1, 2, 3 EXERCISE 7-7 Precision Labs has two emplovees. 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. Round amounts to the nearest penny. 2,3 how me IOW Brown Ringness Total Regular earnings Overtime earnings $ 3,500.00 120.00 Total earnings $ 3,646.00 24 24 Federal income tax withheld $312.08 %24 2$ State income tax withheld 35.18 Social Security tax withheld Medicare tax withheld 226.05 169.76 52.87 39.70 97.00 Charity withheld Total deductions 35.00 $ 688.42 517.53 ? $ 2,220.47 Net pay 5. %24 %24 %24 %24 %24 %24
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