=+For the current pay period, the computer programmer worked 50 hours and the administrator worked 46 hours.

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=+For the current pay period, the computer programmer worked 50 hours and the administrator worked 46 hours. The federal income tax withheld for all three employees, who are single, can be determined from the wage bracket withholding table in Exhibit 3 in the chapter. Assume further that the social security tax rate was 6.0% on the first $100,000 of annual earnings, the Medicare tax rate was 1.5%, and one withholding allowance is $67.

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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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