The payroll records of Speedy Software show the following information about Mars

Question

The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2017, 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 (10%), and net pay for the current pay period. (Use the withholding table in Exhibit 11A.6) (Round your final answers to 2 decimal places.) Total (gross) earnings for current pay period Cumulative earnings of previous pay periods $650 $8,450 Gross pay 650.00 40.30 9.43 Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions 6.50 56.23 $ 593.17 Net pay

Explanation / Answer

Fedel income tax withholding applicable for a person with filing status single and having one withholding allowance is 57, where income is $650.

The same amount has been taken from the wage bracket method tables in publication 15, 2018 issued by the IRS.

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