Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Year-to-Date Employee Earnings Current Month Social Security Graham, C. $14,300 $1,780 Medicare
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Year-to-Date Employee Earnings Current Month Social Security Graham, C. $14,300 $1,780 Medicare
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 5SEA: JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Angel Ruiz owns a business called Ruiz...
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![Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.
Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company.
Year-to-Date
Employee
Earnings
Current Month Social Security
Graham, C.
$14,300
$1,780
Medicare](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4e99418f-0c85-4fa6-b21a-e2c20fe29066%2Facd9ea37-4669-4651-89b8-d20924e491f4%2F19r3rfm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.
Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company.
Year-to-Date
Employee
Earnings
Current Month Social Security
Graham, C.
$14,300
$1,780
Medicare
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