Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Anderson Cumulative earnings Pay amount this Social Security before this pay period this period period $ 174,700 $ 16,500 Medicare this period

Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Anderson Cumulative earnings Pay amount this Social Security before this pay period this period period $ 174,700 $ 16,500 Medicare this period

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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