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. Note: Round your final answers to 2 decimal places. Total (gross) earnings for current pay period Cumulative earnings of previous pay periods Answer is complete but not entirely correct. Gross pay Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay $ 37.51 8.77 60.50X 6.05✔ $ 605.00 $ 112.83 492.17 $605 $ 7,865

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. Note: Round your final answers to 2 decimal places. Total (gross) earnings for current pay period Cumulative earnings of previous pay periods Answer is complete but not entirely correct. Gross pay Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay $ 37.51 8.77 60.50X 6.05✔ $ 605.00 $ 112.83 492.17 $605 $ 7,865

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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