Question: Can you please explain SS & Medicare Taxes Calculation? ( It should be 7.65%, in yearly salary Right?) AutoSave . Off ) ACC125-Unit 4 Assignment

Can you please explain SS & Medicare Taxes Calculation? ( It should be 7.65%, in yearly salary Right?)

AutoSave . Off ) ACC125-Unit 4 Assignment - Excel 9 Search A Arun Prasath Gopalakrishnan AP X File Home Insert Draw Page Layout Formulas Data Review View Help Share Comments Insert Calibri 11 ~ A A ab Wrap Text General Ex AY O Ex Delete Paste E = Merge & Center $ ~ % 9 08 20 Conditional Format as Cell Sort & Find & Analyze Formatting Table v Styles v Format Filter ~ Select v Data Clipboard Font N Alignment Number Styles Cells Editing Analysis D22 X V fix A B C D E F G H K L M N O P Security and Medicare Taxes, for the 401K Contributions. Please enter your answers in the highlight boxes below. VOUT A 00 Data 9 Yearly Salary $ 98,000.00 10 401k Contributions $ 8,900.00 11 12 13 Federal Tax $8,910.00 14 State Tax $4,455.00 15 Social Security and Medicare Taxes $7,497.00 16 17 18 19 Fed Tax 98000-8900=89100, 89100x10%= 8910 20 21 State Tax 98000-9800=89100, 89100x5%=4455 22 23 SS & Medicare Tax 24 98000 x 7.65%=7497 Instructions Problem 1 Problem 2 Problem 3 Problem 4-7 + Ready - + 100% 7:08 AM Type here to search O O L X 81 OF 9/5/2021

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