Exercise 10.6 (Algo) Determining social security withholding. LO 10-3 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 Earnings Through November 30 $ 10,900 $ 100,000 11,000 71,000 10,560 15,000 116,160 131,650 Social Security Social Taxable Security Tax 6.20% Earnings December

Exercise 10.6 (Algo) Determining social security withholding. LO 10-3 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 Earnings Through November 30 $ 10,900 $ 100,000 11,000 71,000 10,560 15,000 116,160 131,650 Social Security Social Taxable Security Tax 6.20% Earnings December

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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