FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical
Center are listed below.
Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December.
Assume a 6.2 percent social security tax rate on a maximum of $132,900 for the calendar year. Assume a 1.45 percent Medicare tax
rate. (Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.)
Employee December Y-T-D Earnings Soc. Sec.
Number
Medicare Tax
for Dec,
Salary
through Nov. 30 Tax for Dec.
7,500 $
69,500
2
9,000
129,000
8,500
122,600
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