Exercise 10.6 (Algo) Determining social security withholding. LO 10-3 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. Employee December Number Salary 1 2 3 4 Year-to-Date Earnings Through November 30 $ 10,900 $ 100,000 11,000 71,000 10,560 15,000 116,160 131,650 Social Security Social Taxable Security Tax 6.20% Earnings December
Exercise 10.6 (Algo) Determining social security withholding. LO 10-3 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. Employee December Number Salary 1 2 3 4 Year-to-Date Earnings Through November 30 $ 10,900 $ 100,000 11,000 71,000 10,560 15,000 116,160 131,650 Social Security Social Taxable Security Tax 6.20% Earnings December
College Accounting (Book Only): A Career Approach
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Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 3E
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![Exercise 10.6 (Algo) Determining social security withholding. LO 10-3
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.
Employee December
Number
Salary
1
2
3
4
Year-to-Date
Earnings
Through
November 30
$ 10,900 $ 100,000
11,000
71,000
10,560
15,000
116,160
131,650
Social
Security
Social
Taxable Security Tax
Earnings 6.20%
December](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38b17e51-19a2-47b3-88ce-a90e6f970820%2F68ed101b-9911-4f97-872e-64aee78e37ae%2Fis8cd3_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 10.6 (Algo) Determining social security withholding. LO 10-3
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.
Employee December
Number
Salary
1
2
3
4
Year-to-Date
Earnings
Through
November 30
$ 10,900 $ 100,000
11,000
71,000
10,560
15,000
116,160
131,650
Social
Security
Social
Taxable Security Tax
Earnings 6.20%
December
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