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 No. Social Security Tax 6.20% 1 2 3 Year-to-Date Soc. Sec. December Earnings Taxable Salary Through Earnings November 30 December 9,300 $ 98,400 9,400 69,400 10.050 110,550 9,400 99,400 4