The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical Center are listed below. Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December. Assume a 6.2 percent social security tax rate on a maximum of $142,000 for the calendar year. Assume a 1.45 percent Medicare tax rate. (Round your answers to 2 decimal places.) Employee December Y-T-D Earnings Number Salary through Nov. 30 $ 7,900 $ 1 69,900 2 9,400 134,000 3 8,900 102,100 Soc. Sec. Tax for Dec. Medicare Tax for Dec.
The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical Center are listed below. Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December. Assume a 6.2 percent social security tax rate on a maximum of $142,000 for the calendar year. Assume a 1.45 percent Medicare tax rate. (Round your answers to 2 decimal places.) Employee December Y-T-D Earnings Number Salary through Nov. 30 $ 7,900 $ 1 69,900 2 9,400 134,000 3 8,900 102,100 Soc. Sec. Tax for Dec. Medicare Tax for Dec.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical
Center are listed below.
Compute the amount of social security tax and Medicare tax to be withheld from each of the employee's gross pay for December.
Assume a 6.2 percent social security tax rate on a maximum of $142,000 for the calendar year. Assume a 1.45 percent Medicare tax
rate. (Round your answers to 2 decimal places.)
Employee December Y-T-D Earnings
Number
through Nov. 30
69,900
Salary
$ 7,900 $
1
2
9,400
134,000
3
8,900
102,100
Soc. Sec.
Tax for Dec.
Help
Medicare Tax
for Dec.
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