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Compute the amount of social security tax and Medicare tax to be withheld from each of the employee’s gross pay for December.

By admin / May 8, 2020

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The monthly salaries for December and the year-to-date earnings as of November 30 for the three employees of the Lakeview Medical Center are listed below.
Compute the amount of social security tax and Medicare tax to be withheld from each of the employee’s gross pay for December. Assume a 6.2 percent social security tax rate on a maximum of $122,700 for the calendar year. Assume a 1.45 percent Medicare tax rate. (Round your answers to 2 decimal places. Leave no cells blank – be certain to enter “0” wherever required.)

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