Using the earnings data given in Exercise 10.3, determine the amount of Medicare tax to be...

Using the earnings data given in Exercise 10.3, determine the amount of Medicare tax to be withheld from each employee’s gross pay for December. Assume a 1.45 percent Medicare tax rate and that all salaries and wages are subject to the tax.

Exercise 10.3

The monthly salaries for December and the year-to-date earnings of the employees of Canzano 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 $106,800 for the calendar year.