Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $3,480.00 $ $
Overtime earnings 114.00
Total earnings $3,636.00 $ $
Federal income tax withheld $316.00 $ $
State income tax withheld 36.80
Social Security tax withheld 225.43 168.95
Medicare tax withheld 52.72 39.51
Charity withheld 38.00 99.00
Total deductions $695.35 $528.26 $
Net pay $ $2,196.74 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Blockchain Technology In Accounting And Auditing

Authors: Prof Oleksandr Melnychenko

1st Edition

1976900328, 978-1976900327

More Books

Students also viewed these Accounting questions