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 10 Social Security tax withheld 226.05 169.76 fill in the blank 11 Medicare tax withheld 52.87 39.70 fill in the blank 12 Charity withheld 35.00 97.00 fill in the blank 13 Total deductions $688.42 $517.53 $fill in the blank 14 Net pay $fill in the blank 15 $2,220.47 $fill in the blank 16

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 7E

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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	$3,500.00	$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 10
Social Security tax withheld	226.05	169.76	fill in the blank 11
Medicare tax withheld	52.87	39.70	fill in the blank 12
Charity withheld	35.00	97.00	fill in the blank 13
Total deductions	$688.42	$517.53	$fill in the blank 14
Net pay	$fill in the blank 15	$2,220.47	$fill in the blank 16

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