The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Employee Number 1 2 3 4 December Salary Year-to-Date Earnings Through Social Security Taxable Earnings November 30 December $ 9,000.00 $ 72,000.00 10,000.00 70,000.00 11,000.00 115,500.00 14,000.00 132,000.00 Social Security Tax 6.2%

The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December Assume a 6.2 percent social security tax rate and an earnings base of $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Employee Number 1 2 3 4 December Salary Year-to-Date Earnings Through Social Security Taxable Earnings November 30 December $ 9,000.00 $ 72,000.00 10,000.00 70,000.00 11,000.00 115,500.00 14,000.00 132,000.00 Social Security Tax 6.2%

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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