Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Soc. Sec. Soc. Sec. Tax Subject to Soc. Sec. Before Current Current Year-to-Date Over Max. Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400

Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Soc. Sec. Soc. Sec. Tax Subject to Soc. Sec. Before Current Current Year-to-Date Over Max. Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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