Using the earnings data given in Exercise 10.3, determine the amount of Medicare tax to be withheld
Question:
Using the earnings data given in Exercise 10.3, determine the amount of Medicare tax to be withheld from each employee’s gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax.
In Exercise 10.3, The monthly salaries for December and the year-to-date earnings of the employees of Canzano Consulting Company as of November 30follow.
Transcribed Image Text:
December Salary $ 9,900 10,000 10,709 10,000 Year-to-Date Earnings through November 30 Employee No. S 98,900 73,000 106,800 100,000
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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