Question

In the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers as positive amounts.

Earnings:
	1. At regular rate	$
	2. At overtime rate	120,000
	3. Total earnings	$
Deductions:
	4. FICA tax	$63,000
	5. Income tax withheld	200,000
	6. Medical insurance	37,000
	7. Union dues
	8. Total deductions	$315,000
	9. Net amount paid	$525,000
Accounts increased:
	10. Factory Wages	$400,000
	11. Sales Salaries	$
	12. Office Salaries	$150,000

Answer 1

Answers:

3. Total Earnings = Net amount paid + Total deductions

=525,000+315,000

=840,000

1. Regular = Total earnings - At overtime rate

    =840,000 - 120,000

    =720,000

7. Union dues =Total deductions - (FICA tax+Income tax withheld+Medical insurance)

    =315,000 - (63,000+200,000+37,000)

    =15000

11. Sales Salaries = Total earnings - (Factory Wages+Office Salaries)

= 840,000 - (400,000+150,000)

= 290,000

Earnings:
	1. At regular rate	720000
	2. At overtime rate	120,000
	3. Total earnings	840000
Deductions:
	4. FICA tax	$63,000
	5. Income tax withheld	200,000
	6. Medical insurance	37,000
	7. Union dues	$ 15,000
	8. Total deductions	$315,000
	9. Net amount paid	$525,000
Accounts increased:
	10. Factory Wages	$400,000
	11. Sales Salaries	$290,000
	12. Office Salaries	$150,000