FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 December
Number
Salary
1
2
3.
4
Year-to-Date Social Security
Earnings
Through
November 30
$ 9,000.00 $ 72,000.00
10,000,00
70,000.00
11,000.00
115,500.00
14,000.00
132,000.00
Taxable
Earnings
December
Social
Security Tax
6.2%
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Transcribed Image Text: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 December Number Salary 1 2 3. 4 Year-to-Date Social Security Earnings Through November 30 $ 9,000.00 $ 72,000.00 10,000,00 70,000.00 11,000.00 115,500.00 14,000.00 132,000.00 Taxable Earnings December Social Security Tax 6.2%
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