es The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. Determine the
es The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project Company as of November 30 follow. 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. Note: Round your final answers to 2 decimal places. Year-to-Date Employee December Earnings Medicare Taxable Medicare Number Salary Through November Earning- Tax 1.45% December 30 1 $ 9,400 $ 99,500 2 9,500 70,500 3 10,209 123,800 4 9,500 100,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started