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or tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0". NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS TAXABLE EARNINGS             UNEMPLOYMENT SOCIAL SECURITY MEDICARE Axton, C. 112,800.00 7,691.00 120,491.00       Edgar, E. 145,465.00 10,900.00 156,365.00       Gorman, L. 36,879.00 3,064.00 39,943.00       Jolson, R. 24,634.00 2,325.00 26,959.00       Nixel, P. 6,850.00 2,463.00 9,313.00

or tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0". NAME BEGINNING CUMULATIVE EARNINGS TOTAL EARNINGS ENDING CUMULATIVE EARNINGS TAXABLE EARNINGS             UNEMPLOYMENT SOCIAL SECURITY MEDICARE Axton, C. 112,800.00 7,691.00 120,491.00       Edgar, E. 145,465.00 10,900.00 156,365.00       Gorman, L. 36,879.00 3,064.00 39,943.00       Jolson, R. 24,634.00 2,325.00 26,959.00       Nixel, P. 6,850.00 2,463.00 9,313.00

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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For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0".



NAME		 BEGINNING
CUMULATIVE
EARNINGS
TOTAL
EARNINGS		 ENDING
CUMULATIVE
EARNINGS		 TAXABLE EARNINGS    
        UNEMPLOYMENT SOCIAL SECURITY MEDICARE
Axton, C. 112,800.00 7,691.00 120,491.00      
Edgar, E. 145,465.00 10,900.00 156,365.00      
Gorman, L. 36,879.00 3,064.00 39,943.00      
Jolson, R. 24,634.00 2,325.00 26,959.00      
Nixel, P. 6,850.00 2,463.00 9,313.00      
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