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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. Round amounts to the nearest penny.

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

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Chapter
Section
Chapter 7, Problem 7E
Textbook Problem

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.

Chapter 7, Problem 7E, Precision Labs has two employees. The following information was taken from its individual earnings

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