Question: ch 9 7. Solve the following problem using 6.2%, up to $118,500, for social security tax and 1.45%, no wage limit, for Medicare tax. What

ch 9

7. Solve the following problem using 6.2%, up to $118,500, for social security tax and 1.45%, no wage limit, for Medicare tax.

What are the social security and Medicare withholdings for an executive whose annual gross earnings are $227,660? Round to the nearest cent when necessary.

Social security: $

Medicare: $

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