College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 7, Problem 7E
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.
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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. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values.
BROWN
RINGNESS
TOTAL
Regular earnings
$3,520.00
$
$
Overtime earnings
124.00
Total earnings
$3,675.00
$
$
Federal income tax withheld
$320.00
$
$
State income tax withheld
36.80
Social Security tax withheld
227.85
170.00
Medicare tax withheld
53.29
39.76
Charity withheld
34.00
96.00
Total deductions
$699.14
$526.56
$
Net pay
$
$2,215.44
$
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. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Enter all amounts as positive values.
BROWN
RINGNESS
TOTAL
Regular earnings
$3,500.00
$fill in the blank 1
$fill in the blank 2
Overtime earnings
fill in the blank 3
120.00
fill in the blank 4
Total earnings
$3,646.00
$fill in the blank 5
$fill in the blank 6
Federal income tax withheld
$312.08
$fill in the blank 7
$fill in the blank 8
State income tax withheld
fill in the blank 9
35.18
fill in the blank…
Using the income tax withholding table in Figure 3, 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 $118,500. Assume that all employees are married. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations.
Questions:(in attached image)
Chapter 7 Solutions
College Accounting (Book Only): A Career Approach
Ch. 7 - Prob. 1QYCh. 7 - Which of the following taxes are not withheld from...Ch. 7 - Calculate an employees total earnings if the...Ch. 7 - Prob. 4QYCh. 7 - Prob. 5QYCh. 7 - Prob. 6QYCh. 7 - When is the payroll register updated? a. Annually...Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQ
Ch. 7 - Explain the difference between gross earnings and...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - On January 21, the column totals of the payroll...Ch. 7 - Precision Labs has two employees. The following...Ch. 7 - Prob. 8ECh. 7 - Prob. 1PACh. 7 - Prob. 2PACh. 7 - Prob. 3PACh. 7 - Prob. 4PACh. 7 - Prob. 5PACh. 7 - Prob. 1PBCh. 7 - Prob. 2PBCh. 7 - Prob. 3PBCh. 7 - Prob. 4PBCh. 7 - Prob. 5PBCh. 7 - Attracting and retaining the best employees is...Ch. 7 - Southern Company pays its employees weekly by...Ch. 7 - Prob. 3A
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- Using the income tax withholding table in Figure 3, 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 $118,500. Assume that all employees are married. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Employee Allowances TotalEarnings FederalIncomeTaxWithheld SocialSecurityTaxWithheld MedicareTaxWithheld UnionDuesWithheld United WayContribution Net Pay a. Aston, F. B. 1 $900.00 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $25.00 $35.00 $fill in the blank 4 b. Dwyer, S. J. 2 920.00 fill in the blank 5 fill in the blank 6 fill in the blank 7 25.00 35.00 fill in the blank 8 c. Flynn, K. A. 3 1,110.00 fill in the blank 9 fill in the blank 10 fill in the blank 11 25.00 40.00 fill in the blank 12 d. Harden, J.…arrow_forwardUsing the income tax withholding table in Figure 3, 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 $118,500. Assume that all employees are married. If required, round your answers to the nearest cent and use the rounded answers in subsequent computations. Employee Allowances TotalEarnings FederalIncomeTaxWithheld SocialSecurityTaxWithheld MedicareTaxWithheld UnionDuesWithheld United WayContribution Net Pay a. Aston, F. B. 1 $900.00 $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $25.00 $35.00 $fill in the blank 4 b. Dwyer, S. J. 2 920.00 fill in the blank 5 fill in the blank 6 fill in the blank 7 25.00 35.00 fill in the blank 8 c. Flynn, K. A. 3 1,110.00 fill in the blank 9 fill in the blank 10 fill in the blank 11 25.00 40.00 fill in the blank 12 d. Harden, J.…arrow_forwardThe 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 . . . . . . . . . . . . . . . $9,700arrow_forward
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