FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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XYZ Company had gross wages of $355,000 during the week ended November 30. The amount of wages subject to social security tax was $285,000, while the amount of wages subject to federal and state
Social security |
6.0% |
Medicare |
1.5% |
State unemployment |
5.4% |
Federal unemployment |
0.8% |
The total amount withheld from employee wages for federal taxes was $66,900. The full amount of gross wages is subject to Medicare tax.
a.
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