Question: What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,360.00, if she has already earned $44,560.00

What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,360.00, if she has already earned $44,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.)$218.79 $226.44 $241.74 $257.04

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!