The monthly salaries for

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project 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 $142,800 for the calendar year.
Note: Round your answers to 2 decimal places.
Employee December
Number
Salary
1
2
3
4
Year-to-Date Social Security
Earnings
Taxable
Through
Earnings
November 30 December
$ 9,000.00 $ 72,000.00
10,000,00 70,000.00
11,000.00
115,500.00
14,000.00
132,000.00
Social
Security Tax
6.2%
Transcribed Image Text:The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project 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 $142,800 for the calendar year. Note: Round your answers to 2 decimal places. Employee December Number Salary 1 2 3 4 Year-to-Date Social Security Earnings Taxable Through Earnings November 30 December $ 9,000.00 $ 72,000.00 10,000,00 70,000.00 11,000.00 115,500.00 14,000.00 132,000.00 Social Security Tax 6.2%
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