Question: Using the earnings data given in Exercise 10.3, determine the amount of Medicare tax to be withheld from each employees gross pay for December. Assume
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.
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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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