cure https://newconnect.mheducation.com/flow/connect.html Your ReTake Test: Chap

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cure https://newconnect.mheducation.com/flow/connect.html Your ReTake Test: Chapter 5 f Maru Calderon CaldeI Maru Calderon f Maru Calderon ters 7, 8 and 9 6 New Tab Saved Help Save & Exlt Submlt 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 (62%), 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 S 648 $8, 320 Gross pay Social security tax deduction Medicare tax deduction Federal income tax deduction State income tax deduction Total deductions Net pay

Explanation / Answer

Gross Pay 640 Social security tax deduction(640*6.2%) 39.68 Medicare tax deduction(640*1.45%) 9.28 Federal Income tax deduction(as per WH Table for claimaint of 1 allowance & wage $ 640) 69 State income tax deduction(640*1%) 6.4 Total deductions 124.36 Net pay for the period 515.64

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