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Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security
Precision Labs has two employees. The following information was taken from its individual earnings records for the month of September. Assume that the Social Security tax is 6.2 percent and Medicare tax is 1.45 percent. All earnings are subject to Social Security and Medicare taxes. Assume that the employees are paid from the company's regular bank account (check numbers 981 and 982). Prepare the entry to record and pay the payroll in general journal form, dated September 30 . If required, round amounts to the nearest cent. If an amount does not require an entry, leave it blank. week. She is manied and claims two allowances on her w- 4 form. Her wages are subject to the following deductions: a. Federal income tax (use the table in Figure 3 ). b. Social Secunity tax at 6.2 percent. c. Medicare tax at 1.45 percent. d. Union dues, $31.00. Compute Ross's-regular pay. Compute Ross's gross pay. If required, round intermediate calculations to the nearest cent and use them in subsequent computations . Round final answer to the nearest cent. Compute Ross's net pay. If required, round intermediate calculations to the nearest cent and use them in subsequent computations. Round final answer to the nearest cent
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