Question: Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.Calculate the monthly Social Security
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. (Round your answers to the nearest cent.)
| Employee | Year-to-Date Earnings | Current Month | Social Security | Medicare |
|---|---|---|---|---|
| Andretti, K. | $141,000 | $14,950 | $ | $ |
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
