Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $106,800 and a

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Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $106,800 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the followingsituations:

Cumul. Pay Amount Subject to Soc. Sec. Amount Over Max. Soc. Sec. Soc. Sec. Тах Withheld Medicare Тах Before Curre

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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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Question Posted: Dec 20, 2011 10:24 AM

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Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $106,800 and a

Question:

Cumul. Pay Amount Subject to Soc. Sec. Amount Over Max. Soc. Sec. Soc. Sec. Тах Withheld Medicare Тах Before Current Weckly Payroll S 31,000 Current Gross Pay Year-to-Date Earnings Soc. Sec. Maximum Withheld $1,500 2,860 3,140 2,920 S106,800 106,800 106,800 106,800 53,000 103,900 106,200

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Cumul Pay Before Current Weekly Payroll Current Gross Pay Yearto Date Earnings Soc Se...View the full answer

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