The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay p
1 answer:
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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Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
