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%

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4E

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