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If, prior to the last weekly payroll period of the calendar year, the cumulative earnings...

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Accounting

If, prior to the last weekly payroll period of the calendar year, the cumulative earnings for an employee are $98,800, earnings subject to social security tax are $100,000, and the tax rate is 6.0%, the employer's social security tax on the $2,000 gross earnings paid on the last day of the year is $120. True or False?

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