Exercise 10.3 (Algo) Determining social security withholding. LO 10-3 The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow. Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December Year-to-Date Earnings Soc. Sec. Taxable No. Salary Through Earnings Social Security Tax 6.20% November 30 December 1 $ 9,600 $ 98,700 2 9,700 69,700 3 10,190 112,090 4 9,700 99,700