Solve the following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax.   As payroll manager for Freeport Enterprises, it is your task to calculate the monthly social security and Medicare withholdings for the following employee. If necessary, round your answer to the nearest cent. If an amount is zero, enter "0".       Year-to-Date             Employee   Earnings   Current Month   Social Security   Medicare Andretti, K.   $137,000   $16,350   $   $

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 following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax.
 
As payroll manager for Freeport Enterprises, it is your task to calculate the monthly social security and Medicare withholdings for the following employee. If necessary, round your answer to the nearest cent. If an amount is zero, enter "0".
 
    Year-to-Date            
Employee   Earnings   Current Month   Social Security   Medicare
Andretti, K.   $137,000   $16,350   $   $
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