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 9A.6), state income tax (1.0%), and net pay for the curren pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings of previous pay periods Gross pay Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction $ 720 $ 9,360

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 9A.6), state income tax (1.0%), and net pay for the current
pay period. (Round your final answers to 2 decimal places.)
Total (gross) earnings for current pay period
Cumulative earnings of previous pay periods
Gross pay
Social security tax deduction
Medicare tax deduction
Federal income tax deduction
State income tax deduction
Total deductions
Net pay
$ 720
$ 9,360
Transcribed Image Text: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 9A.6), state income tax (1.0%), and net pay for the current pay period. (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings of previous pay periods Gross pay Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay $ 720 $ 9,360
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