LO 1, 2, 3, 4 EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 331-332, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All employees have cumulative earnings, including this pay period, of less than $113,700. Assume that all employees are married. Practice Exercises 1, 2, 3, 4 Federal Social Income Security Medicare Union Total Tax Tax Tax Dues United Way Employee Allowances Earnings Withheld Withheld Withheld Withheld Contribution Net Pay a. Aston, F. B. $ 900.00 $ 24 $ 25.00 $ 35.00 b. Dwyer, S. J. c. Flynn, K. A. d. Harden, J. L. 920.00 25.00 35.00 1,110.00 25.00 40.00 1,025.00 25.00 40.00 e. Nguyen, H. 925.00 25.00 35.00 Totals $4,880.00 $ $125.00 $185.00 LO 1, 4 EXERCISE 7-5 For tax purposes, assume that the maximum taxable earnings are $113,700 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. Practice Exercises 1, 4 A TAXABLE EARNINGS BEGINNING ENDING CUMULATIVE CUMULATIVE NAME Axton, C. UNEMPLOYMENT SOCIAL SECURITY MEDICARE EARNINGS 108,000.00 145,465.00 36,879.00 24,634.00 TOTAL EARNINGS EARNINGS 7,691.00 10,900.00 3,064.00 2,325.00 2,463.00 115,691.00 156,365.00 39,943.00 26,959.00 Edgar, E. Gorman, L. 8 Jolson, R. Nixel, P. 10 6,850.00 9,313.00 11
LO 1, 2, 3, 4 EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 331-332, for each employee of Miller Company, determine the net pay for the week ended January 21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All employees have cumulative earnings, including this pay period, of less than $113,700. Assume that all employees are married. Practice Exercises 1, 2, 3, 4 Federal Social Income Security Medicare Union Total Tax Tax Tax Dues United Way Employee Allowances Earnings Withheld Withheld Withheld Withheld Contribution Net Pay a. Aston, F. B. $ 900.00 $ 24 $ 25.00 $ 35.00 b. Dwyer, S. J. c. Flynn, K. A. d. Harden, J. L. 920.00 25.00 35.00 1,110.00 25.00 40.00 1,025.00 25.00 40.00 e. Nguyen, H. 925.00 25.00 35.00 Totals $4,880.00 $ $125.00 $185.00 LO 1, 4 EXERCISE 7-5 For tax purposes, assume that the maximum taxable earnings are $113,700 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. Practice Exercises 1, 4 A TAXABLE EARNINGS BEGINNING ENDING CUMULATIVE CUMULATIVE NAME Axton, C. UNEMPLOYMENT SOCIAL SECURITY MEDICARE EARNINGS 108,000.00 145,465.00 36,879.00 24,634.00 TOTAL EARNINGS EARNINGS 7,691.00 10,900.00 3,064.00 2,325.00 2,463.00 115,691.00 156,365.00 39,943.00 26,959.00 Edgar, E. Gorman, L. 8 Jolson, R. Nixel, P. 10 6,850.00 9,313.00 11
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:LO 1, 2, 3, 4
EXERCISE 7-3 Using the income tax withholding table in Figure 3, pages 331-332, for
each employee of Miller Company, determine the net pay for the week ended January
21. Assume a Social Security tax of 6.2 percent and a Medicare tax of 1.45 percent. All
employees have cumulative earnings, including this pay period, of less than $113,700.
Assume that all employees are married.
Practice Exercises
1, 2, 3, 4
Federal
Social
Income
Security
Medicare
Union
Total
Tax
Tax
Tax
Dues
United Way
Employee
Allowances
Earnings
Withheld
Withheld
Withheld
Withheld
Contribution
Net Pay
a. Aston, F. B.
$ 900.00 $
24
$ 25.00
$ 35.00
b. Dwyer, S. J.
c. Flynn, K. A.
d. Harden, J. L.
920.00
25.00
35.00
1,110.00
25.00
40.00
1,025.00
25.00
40.00
e. Nguyen, H.
925.00
25.00
35.00
Totals
$4,880.00 $
$125.00
$185.00
Transcribed Image Text:LO
1, 4
EXERCISE 7-5 For tax purposes, assume that the maximum taxable earnings are
$113,700 for Social Security and $7,000 for the unemployment tax and that all earnings
are taxable for Medicare. For the payroll register for the month of November for Shelby,
Inc., determine the taxable earnings for each employee.
Practice Exercises
1, 4
A
TAXABLE EARNINGS
BEGINNING
ENDING
CUMULATIVE
CUMULATIVE
NAME
Axton, C.
UNEMPLOYMENT SOCIAL SECURITY MEDICARE
EARNINGS
108,000.00
145,465.00
36,879.00
24,634.00
TOTAL EARNINGS
EARNINGS
7,691.00
10,900.00
3,064.00
2,325.00
2,463.00
115,691.00
156,365.00
39,943.00
26,959.00
Edgar, E.
Gorman, L.
8
Jolson, R.
Nixel, P.
10
6,850.00
9,313.00
11
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