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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. 109,744.00 10,063.00 119,807.00
Edgar, E. 148,817.00 18,476.00 167,293.00
Gorman, L. 37,282.00 3,068.00 40,350.00
Jolson, R. 24,768.00 2,269.00 27,037.00
Nixel, P. 6,860.00 2,362.00 9,222.00
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Answer #1
NAME BEGINNING ENDING TAXABLE EARNINGS
CUMULATIVE TOTAL CUMULATIVE
EARNINGS EARNINGS EARNINGS UNEMPLOYMENT SOCIAL SECURITY MEDICARE
Axton, C. 109744 10063 119807 0 8756 10063
Edgar, E. 148817 18476 167293 0 0 18476
Gorman, L. 37282 3068 40350 0 3068 3068
Jolson, R. 24768 2269 27037 0 2269 2269
Nixel, P. 6860 2362 9222 140 2362 2362
Workings:
UNEMPLOYMENT
Nixel, P. 140 =7000-6860
SOCIAL SECURITY
Axton, C. 8756 =118500-109744
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