The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Social Employee Number December Salary Year-to-Date Earnings Security Taxable Social Security Tax Through Earnings 6.20% November 30 December 1 $ 9,200 $ 98,300 2 9,300 69,300 3 10,760 118,360 4 15,700 132,000
The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Social Employee Number December Salary Year-to-Date Earnings Security Taxable Social Security Tax Through Earnings 6.20% November 30 December 1 $ 9,200 $ 98,300 2 9,300 69,300 3 10,760 118,360 4 15,700 132,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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