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

College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
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Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 5E
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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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