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For the pay period ending December 31, each employee's gross earnings is $4.500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6,20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, eg 52.75) J. Seligman $ L Marshall $ REby T. Olson 5 34,425 34,425 34425 0

For the pay period ending December 31, each employee's gross earnings is $4.500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6,20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, eg 52.75) J. Seligman $ L Marshall $ REby T. Olson 5 34,425 34,425 34425 0

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 3E
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Employee earnings records for Concord Company reveal the following gross earnings for four employees through the pay period of December 15 Seligman R.Eby For the pay period ending December 31, each employee's gross earnings is $4.500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6,20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. J. Seligman Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, s 52.75) L. Marshall $88.700 LMarshall $114,300 T.Olson R. Eby T. Olson $ $ 5 $ $124,300 $130,900 34,425 34,425
Transcribed Image Text:Employee earnings records for Concord Company reveal the following gross earnings for four employees through the pay period of December 15 Seligman R.Eby For the pay period ending December 31, each employee's gross earnings is $4.500. The 7.65% FICA tax rate consists of the Social Security tax rate of 6,20% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. J. Seligman Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Round answers to 2 decimal places, s 52.75) L. Marshall $88.700 LMarshall $114,300 T.Olson R. Eby T. Olson $ $ 5 $ $124,300 $130,900 34,425 34,425
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