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How do you do solve this problem? Your boss approaches you in mid-December and requests that you pay certain employees their gross pay amount as
How do you do solve this problem?
Your boss approaches you in mid-December and requests that you pay certain employees their gross pay amount as if there were no deductions as their Christmas bonuses. None of the employees have reached the Social Security wage base for the year. What is the gross-up amount for each of the following employees? (The tax rate on bonuses is 28%. The Social Security (6.2%) and Medicare taxes (1.45%) must be added to this rate.) (Round your intermediate calculations and final answers to 2 decimal places.)
Regular Gross Grossed-up Pay per Period Amount Employee Yves St. John Kim Johnson Michael Hale 2.500 3,380 3.178Step by Step Solution
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