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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee.

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To determine

Compute the taxable earnings of each employee in the payroll register of Company S for the month of November.

Explanation

Payroll register:

Payroll register is a form that is used by an employer to gather information on earnings, taxable earnings, deductions and net pay of each employee at the end of the each payroll period.

Compute the taxable earnings of each employee in the payroll register of Company S for the month of November.

(Figure 1)

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