Michele Baker's cumulative wages for the year not including the current pay period total $118,000. Calculate the amount of Social Security and Medicare to be withheld from Baker's current gross pay of $3,500.

Employee Rates: SS= 6.2% Medicare 1.45%

The required Employee deduction for Social Security (SS) is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare" (M) for all earnings.

Employer Rates: SS= 12.4%, Medicare 2.9%

The required Employer deduction for Social Security (SS) is 12.4% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 2.9% HI (Hospital Insurance, commonly known as "Medicare" (M) for all earnings.

Answer rating: 100% (QA)

3500 x 62 21700 for Social Security 3500 x 145 5075 for Medicare Employ... View the full answer