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PLEASE SHOW EXPLANATION AS WELL PSa 4-2 Calculate Social Security Tax For each of the following employees, calculate the Social Security tax for the weekly
PLEASE SHOW EXPLANATION AS WELL
PSa 4-2 Calculate Social Security Tax For each of the following employees, calculate the Social Security tax for the weekly pay period described NOTE: For implicity, all calculations throughout this exercise, both intermediate and final should be rounded to two decimal place at each cakculation 1 Alfred Morneau camned gross pay of $820. Each period he makes a 401(k) contribution of 5% of gross pay, and his current year taxable earnings for Socal Security tax, to dite, are $37,200 Total Social Security taxes 50.84 2: Rachel Schillo earned gross pay of $1,900 She does not make any retirement plan contributions, and her current your taxable camnings for Social Security tax to date are $105,000 X Total Social Security tax=5 3: Rudolph Fabrizio earned gross pay of $3,200 Each period he contributos 3% of gross pay to a flexible spending account and his current year and caring for Social Security tax to date are $136.200 Total Social Security tax = 5 Step by Step Solution
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