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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
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 No. Salary Year-to-Date Earnings Soc. Sec. Taxable Social Security Tax Through Earnings 6.20% November 30 December 1 $ 10,700 $ 99,800 2 10,800 70,800 3 10,520 115,720 4 10,800 100,800
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