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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. Salary 1 2 3 4 Year-to-Date Earnings Through November 30 9,000 $ 98,100 9,100 69,100 11,000 121,000 9,100 99,100 $ Soc. Sec. Taxable Earnings December Social Security Tax 6.20%

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. Salary 1 2 3 4 Year-to-Date Earnings Through November 30 9,000 $ 98,100 9,100 69,100 11,000 121,000 9,100 99,100 $ Soc. Sec. Taxable Earnings December Social Security Tax 6.20%

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 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 No. 1 2 3 4 December Salary Soc. Sec. Taxable Earnings November 30 December 98,100 69,100 121,000 99,100 Year-to-Date Earnings Through $ 9,000 $ 9,100 11,000 9,100 Social Security Tax 6.20%
Transcribed Image Text: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 No. 1 2 3 4 December Salary Soc. Sec. Taxable Earnings November 30 December 98,100 69,100 121,000 99,100 Year-to-Date Earnings Through $ 9,000 $ 9,100 11,000 9,100 Social Security Tax 6.20%
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