Exercise 5. The monthly wages for December, 2020 and the year-to-date earnings as of November 30 for the three employees of the Elegant Inc. are listed in the table below. Requirements: Calculate the amount of FICA: Social Security Tax and Medicare Tax to be withheld from each of the employee's gross (December only). Apply a 6.2 percent as a social security tax rate using the annual limit of the contribution and benefit base. For earnings in 2020, this base is $137,700. Also, apply a 1.45 percent as a Medicare tax rate. Employers are responsible for withholding the 0.9% Additional Medicare Tax on an individual's wages paid in excess of $200,000 in a calendar year, without regard to filing status. Employee December The year-to- Social Medicare Tax Salary date Security Tax (December, earnings up (December, 2020) to November 2020) (11 months) Rod Cast $5,000 cu 16,800 Veronica Ergo Ann Lola 15,000