Find the missing amounts by assuming that employees are married and have one withholding allowance.

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Chapter 7, Problem 7E

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Find the missing amounts by assuming that employees are married and have one withholding allowance.

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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)