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hine the amount of Medicare tax to be withheld from each employee's gross pay for December. A e and that all salaries and wages are subject to the tax. Round your final answers to 2 decimal places. oyee ber December Salary $ Year-to-Date Medicare Taxable Earning- December Earnings Through November 30 9,300 $ 99,400 9,400 70,400 Medicare Tax 1.45%

hine the amount of Medicare tax to be withheld from each employee's gross pay for December. A e and that all salaries and wages are subject to the tax. Round your final answers to 2 decimal places. oyee ber December Salary $ Year-to-Date Medicare Taxable Earning- December Earnings Through November 30 9,300 $ 99,400 9,400 70,400 Medicare Tax 1.45%

FINANCIAL ACCOUNTING
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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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 Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax. Note: Round your final answers to 2 decimal places. Employee Number 1 2 3 4 December Salary Year-to-Date Medicare Earnings Taxable Through Earning- November 30 December $ 9,300 $ 99,400 70,400 123,700 100,400 9,400 10,109 9,400 Medicare Tax 1.45%
Transcribed Image Text: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 Medicare tax to be withheld from each employee's gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax. Note: Round your final answers to 2 decimal places. Employee Number 1 2 3 4 December Salary Year-to-Date Medicare Earnings Taxable Through Earning- November 30 December $ 9,300 $ 99,400 70,400 123,700 100,400 9,400 10,109 9,400 Medicare Tax 1.45%
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