Question

The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for...

The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one allowance. Compute her Social Security tax (6.2%), Medicare tax (1.45%), federal income tax withholding, state income tax (1.0%), and net pay for the current pay period. (Use the withholding table in Exhibit 9A.6) (Round your final answers to 2 decimal places.)

total (gross) earning for current pay period: $610

cumulative earnings of previous pay period: $7,930

gross pay $610.00
social security tax deduction -   
medicare tax deduction -
federal income tax deduction -
total deductions -
Net pay $
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Check My WorkCheck My Work BUSINESS DECISION: TAKE HOME PAY You are the payroll manager for...
Check My WorkCheck My Work BUSINESS DECISION: TAKE HOME PAY You are the payroll manager for the Canyon Ridge Resort. Bob Farley, the marketing director, earns a salary of $42,000 per year, payable monthly. He is Married and claims three withholding allowances. His social security number is 462-12-8749. In addition to federal income tax, social security, and Medicare, Bob pays 2.3% state income tax, % for state disability insurance (both based on gross earnings), $26.15 for term life insurance, $123.74...
1. Solve the following problem using 6.2%, up to $113,700, for social security tax and 1.45%,...
1. Solve the following problem using 6.2%, up to $113,700, for social security tax and 1.45%, no wage limit, for Medicare tax. What are the social security and Medicare withholdings for an executive whose annual gross earnings are $118,430? Social security: $ Medicare: $ 2. Use the percentage method of income tax calculation to complete the following payroll roster. Employee Marital Status Withholding Allowances Pay Period Gross Earnings Income Tax Withholding Farley, D. M 4 Biweekly $1,849 $
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social...
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $3,900 weekly. She is married, claims 3 deductions, and prior to this payroll check, has total earnings of $116,600. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. (Use Table 9.1...
PS:  Social Security tax withholding at 6.2 percent IS NOT 79.51 and Medicare tax withholding at 1.45...
PS:  Social Security tax withholding at 6.2 percent IS NOT 79.51 and Medicare tax withholding at 1.45 percent IS NOT 18.5 Lisa Meilo works for Pacific Company, which pays its employees time-and-a-half for all hours worked in excess of 40 per week. Meilo's pay rate is $27.00 per hour. Her wages are subject to federal income tax, a Social Security tax deduction at the rate of 6.2 percent, and a Medicare tax deduction at the rate of 1.45 percent. She is...
Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method; (2) Social Security 6.2%...
Complete the following weekly payroll: Assume: (1) FIT calculated by percentage method; (2) Social Security 6.2% on $128,400; and Medicare 1.45%. Cumulative balance before this payroll is below maximum as related to cumulative earnings in calculating Social Security. Name: Joe Riense Marital Status: Married Exemptions Claimed: 3 Gross: $1,400 FIT: ? Social Security: ? Medicare: ? Net Pay: ? What is the FIT, Social Security, Medicare, and Net Pay?
Journalize the following payroll from information in the payroll register and the related employer payroll taxes...
Journalize the following payroll from information in the payroll register and the related employer payroll taxes and other expense: Gross pay $ 200,000 Federal Income Tax Withheld 30,000 FICA - Social Security 12,500 FICA - Medicare 2,900 401(k) withholding 12,000 Union dues withheld 2,000 United Way withheld 3,000 Net Pay 137,600 FUTA 1,500 SUTA 10,500 ER 401(k) Match 25%
Gardner Corp. pays its employees monthly. The payroll information listed below is for January 2020, the...
Gardner Corp. pays its employees monthly. The payroll information listed below is for January 2020, the first month of Gardner's fiscal year.    Salaries $400,000 Federal income taxes to be withheld 80,000 Federal unemployment tax rate 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social Security tax rate 6.2% Medicare tax rate 1.45% Required: Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the January 2020 pay period.
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately on their year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his weekly gross pay was $1,162. The current pay period is his first with the...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of...
Calculate Social Security and Medicare tax for the below-listed employees of TCLH Industries, a manufacturer of cleaning products. None of the employees files as married filing separately on their year-end tax return. Zachary Fox does not make any voluntary deductions that impact earnings subject to federal income tax withholding or FICA taxes. He is married, claims two withholding allowances for both federal and state, and his weekly gross pay was $1,162. The current pay period is his first with the...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal...
An employer has one employee who earned $3,000 his first month of employment. The employee’s federal income tax withholding (FITW) is $400, and the employee has voluntary monthly deductions of $125 for health insurance and $25 for union dues. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employer's FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. (Note: The limit for FICA Social Security is $128,400...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT