CALCULATING SOCIAL SECURITY AND MEDICARE TAXES Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: 

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Soc. Medicare Cumul. Pay Before Current Weckly Payroll Gross Pay $ 31,000 Amount Amount Sec. Taк Withheld Current Soc. Sc. Мaximun Over Max. Soc. Sec. Subject to Soc. Sec. Year-to-Date Тах Earmings Withheld $1,500 $118,500 118,500 118,500 53,000 2,860 115,600 3,140 117,900 2,920 118,500 Soc. Medicare Cumul. Pay Before Current Weckly Payroll Gross Pay $ 31,000 Amount Amount Sec. Taк Withheld Current Soc. Sc. Мaximun Over Max. Soc. Sec. Subject to Soc. Sec. Year-to-Date Тах Earmings Withheld $1,500 $118,500 118,500 118,500 53,000 2,860 115,600 3,140 117,900 2,920 118,500

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A C E F 1 Cumul Pay Amount Amount Medicare Before Current Yeartodate Soc Sec Soc ... View the full answer