Matty Kim, an accountant for Vernitron, earned $102,600 from January to June. In July, Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $110,100 and 1.45% on Medicare. How much are the July taxes for Social Security and Medicare?

Matty Kim, an accountant for Vernitron, earned $102,600 from January to June. In July, Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $110,100 and 1.45% on Medicare. How much are the July taxes for Social Security and Medicare?

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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Matty Kim, an accountant for Vernitron, earned $102,600 from January to June. In July, Matty earned
$20,000. Assume a tax rate of 6.2% for Social Security on $110,100 and 1.45% on Medicare. How
much are the July taxes for Social Security and Medicare?

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