Mike Samson is a college football coach making a base salary of $640,800 a year ($53,400 per

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Mike Samson is a college football coach making a base salary of $640,800 a year ($53,400 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $106,800, compute how much will be withheld during the year for Coach Samson's Social Security and Medicare. Through what month will Social Security be withheld? What additional amount will the employer need to contribute?
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Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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