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For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000...

For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and $7,000 for the unemployment tax and that all earnings are taxable for Medicare. For the payroll register for the month of November for Shelby, Inc., determine the taxable earnings for each employee. If an amount is zero, enter "0".



NAME		 BEGINNING
CUMULATIVE
EARNINGS
TOTAL
EARNINGS		 ENDING
CUMULATIVE
EARNINGS		 TAXABLE EARNINGS
UNEMPLOYMENT SOCIAL SECURITY MEDICARE
Axton, C. 105,841.00 14,307.00 120,148.00
Edgar, E. 142,929.00 12,017.00 154,946.00
Gorman, L. 36,679.00 3,007.00 39,686.00
Jolson, R. 24,044.00 2,241.00 26,285.00
Nixel, P. 6,800.00 2,384.00 9,184.00
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Answer #1
NAME BEGINNING ENDING TAXABLE EARNINGS
CUMULATIVE TOTAL CUMULATIVE
EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE
Axton, C. 105841 14307 120148 0 12659 14307
Edgar, E. 142929 12017 154946 0 0 12017
Gorman, L. 36679 3007 39686 0 3007 3007
Jolson, R. 24044 2241 26285 0 2241 2241
Nixel, P. 6800 2384 9184 200 2384 2384
Workings:
Axton, C. SOCIAL SECURITY =118500-105841
Nixel, P. UNEMPLOYMENT =7000-6800
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