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Anuta_ua [19.1K]
3 years ago
5

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

eriod 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 (1.0%), and net pay for the current pay period.
Total (gross) earnings for current pay period $620
Cumulative earnings of previous pay periods $8,060
Business
1 answer:
Gwar [14]3 years ago
8 0

Answer:

The Social Security Tax is $38.44

The Medicare Tax is $8.99

The Federal Income Tax withholding is $70.00

The Income Tax is $6.2

The Net Pay is $496.37

Explanation:

Use the following formula to calculate the Social Security Tax

Social Security Tax = Gross Pay  x Social Security tax rate = $620 x 6.2% = $38.44

Use the following formula to calculate the Medicare Tax withholding

Medicare Tax = Gross Pay  x Medicare tax rate = $620 x 1.45% = $8.99

Federal Income Tax withholding = $70.00 ( From the attached Table )

Use the following formula to calculate the Income Tax

Income Tax = Gross Pay x Income tax rate = $620 x 1% = $6.2

Use the following formula to calculate the net pay

Net Pay = Gross Pay - Social Security Tax - Medicare Tax - Federal Income Tax withholdiing - Income Tax = $620 - $38.44 - $8.99 - $70.00 - $6.2 = $496.37

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