Employee earnings records for Medenciy Company reveal the following gross earnings for four employees through the pay

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Employee earnings records for Medenciy Company reveal the following gross earnings for four employees through the pay period of December 15.

C. Ogle .... $93,500

D. Delgado . $96,100

L. Jeter .... $97,600

T. Spivey .. $104,000

For the pay period ending December 31, each employee’s gross earnings is $4,000.The FICA tax rate is 8% on gross earnings of $100,000.

Instructions

Compute the FICA withholdings that should be made for each employee for the December 31 pay period. (Show computations.)

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 13, 2011 08:38 AM

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Employee earnings records for Medenciy Company reveal the following gross earnings for four employees through the pay

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C Ogle 4000 8 320 Ogles total gross earnings for the year are 975...View the full answer

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