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.    BROWNRINGNESSTOTALRegular earnings$3,520.00$$Overtime earnings 124.00 Total earnings$3,675.00$$Federal income tax withheld$320.00$$State income tax withheld 36.80 Social Security tax withheld227.85170.00 Medicare tax withheld53.2939.76 Charity withheld34.0096.00 Total deductions$699.14$526.56$Net pay$$2,215.44$

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Asked Nov 12, 2019
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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 $3,520.00 $ $
Overtime earnings   124.00  
Total earnings $3,675.00 $ $
Federal income tax withheld $320.00 $ $
State income tax withheld   36.80  
Social Security tax withheld 227.85 170.00  
Medicare tax withheld 53.29 39.76  
Charity withheld 34.00 96.00  
Total deductions $699.14 $526.56 $
Net pay $ $2,215.44 $
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Expert Answer

Step 1

Following are the calculations for missing amount of the employees B:

Emplovee B
Overtime earnings= Total Earnings - Regular Earnings
= $3,675 - $3,520
- $155
State income tax Federal tax x 20%
= $320 x 20%
- $64
Net Pay Total earnings - Total deductions
=$3,675 - $699.14
=$2,975.86
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Emplovee B Overtime earnings= Total Earnings - Regular Earnings = $3,675 - $3,520 - $155 State income tax Federal tax x 20% = $320 x 20% - $64 Net Pay Total earnings - Total deductions =$3,675 - $699.14 =$2,975.86

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Step 2

Following are the calculations for mis...

Emplovee R
Federal income tax = Total deductions - Deductions other than Federal income tax
= $526.56-(S36.80+ $170 +$39.76+ $96)
=$184
Total Earmings Net Pay Deductions
$2,215.44 $526.56
=$2,742
Regular earnings =Total earnings - Overtime earnings
$2,742 - $124
$2,618
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Emplovee R Federal income tax = Total deductions - Deductions other than Federal income tax = $526.56-(S36.80+ $170 +$39.76+ $96) =$184 Total Earmings Net Pay Deductions $2,215.44 $526.56 =$2,742 Regular earnings =Total earnings - Overtime earnings $2,742 - $124 $2,618

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