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Instructions Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for
Instructions Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate. 2. At overtime rate $60,000 3. Total earnings ? Deductions: 4. Social security tax 37,200 5. Medicare tax 9,300 6. Federal income tax withheld 132,000 7. Medical Insurance 21,700 8. Union dues ? 9. Total deductions 207,450 10. Net amount paid 412,550 Accounts debited: 11. Factory Wages 261,000 12 Sales Salaries ? 13. Office Salaries 125,000 Required: a. Determine the amounts omitted in lines (1), (3), (8), and (12)
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