The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December No. Year-to-Date Earnings Soc. Sec. Social Salary Through Taxable Earnings Security Tax 6.20% November 30 December 1 $ 10,900 $ 100,000 2 11,000 71,000 3 10,560 116,160 4 11,000 101,000

The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December No. Year-to-Date Earnings Soc. Sec. Social Salary Through Taxable Earnings Security Tax 6.20% November 30 December 1 $ 10,900 $ 100,000 2 11,000 71,000 3 10,560 116,160 4 11,000 101,000

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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