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58 Part 2: Accounting for Cash and Payroll LO 1, 2, 3 EXERCISE 7-7 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. Practice Exercises 1,2,3 Brown Ringness Total Regular earnings Overtime earnings Total earnings $3,500.00 2$ 24 120.00 $3,646.00 24 24 Federal income tax withheld $ 320.00 2$ 2$ State income tax withheld 36.76 169.76 Social Security tax withheld Medicare tax withheld 226.05 52.87 39.70 Charity withheld 35.00 97.00 $ 697.92 $ 527.02 $ 2,210.98 Total deductions 2$ Net pay 2$

58 Part 2: Accounting for Cash and Payroll LO 1, 2, 3 EXERCISE 7-7 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. Practice Exercises 1,2,3 Brown Ringness Total Regular earnings Overtime earnings Total earnings $3,500.00 2$ 24 120.00 $3,646.00 24 24 Federal income tax withheld $ 320.00 2$ 2$ State income tax withheld 36.76 169.76 Social Security tax withheld Medicare tax withheld 226.05 52.87 39.70 Charity withheld 35.00 97.00 $ 697.92 $ 527.02 $ 2,210.98 Total deductions 2$ Net pay 2$

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 12EB: Reference Figure 12.15 and use the following information to complete the requirements. A. Determine...
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58 Part 2: Accounting for Cash and Payroll LO 1, 2, 3 EXERCISE 7-7 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. Practice Exercises 1,2,3 Brown Ringness Total Regular earnings Overtime earnings Total earnings $3,500.00 2$ 24 120.00 $3,646.00 24 24 Federal income tax withheld $ 320.00 2$ 2$ State income tax withheld 36.76 169.76 Social Security tax withheld Medicare tax withheld 226.05 52.87 39.70 Charity withheld 35.00 97.00 $ 697.92 $ 527.02 $ 2,210.98 Total deductions 2$ Net pay 2$
Transcribed Image Text:58 Part 2: Accounting for Cash and Payroll LO 1, 2, 3 EXERCISE 7-7 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. Practice Exercises 1,2,3 Brown Ringness Total Regular earnings Overtime earnings Total earnings $3,500.00 2$ 24 120.00 $3,646.00 24 24 Federal income tax withheld $ 320.00 2$ 2$ State income tax withheld 36.76 169.76 Social Security tax withheld Medicare tax withheld 226.05 52.87 39.70 Charity withheld 35.00 97.00 $ 697.92 $ 527.02 $ 2,210.98 Total deductions 2$ Net pay 2$
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