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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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