Leah earns $2,600 this pay period. Her total pay before this pay was $23,500. Leahhas the following withholdings.Medical Insurance Prem. = $300401K$150!!YMCA Dues$50Flexible Spending Plan$150What is Leah's Social Security taxable wage amount for this pay period? (Not theamount of actual Social Security Withheld)NOTE: Do NOT use Dollar Signs $$ or commas in your answer

Social Security wages are those incomes that are with reference to the Social Security portion of…

Leah earns $2,600 this pay period. has the following withholdings. Her total pay before this pay was $23,500. Leah Medical Insurance Prem. = $300 401K = $150 YMCA Dues $50 Flexible Spending Plan $150 %3! What is Leah's Social Security taxable wage amount for this pay period? (Not the amount of actual Social Security Withheld) NOTE: Do NOT use Dollar Signs $$ or commas in your answer

Leah earns $2,600 this pay period. has the following withholdings. Her total pay before this pay was $23,500. Leah Medical Insurance Prem. = $300 401K = $150 YMCA Dues $50 Flexible Spending Plan $150 %3! What is Leah's Social Security taxable wage amount for this pay period? (Not the amount of actual Social Security Withheld) NOTE: Do NOT use Dollar Signs $$ or commas in your answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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. (Round your answers to the nearest cent.) Employee Year-to-DateEarnings Current Month Social Security Medicare Andretti, K. $146,000 $13,750
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