Melissa is an employee of Largo Corporation. In 2018 Melissas salary was $120,000 and she earned a

Question:

Melissa is an employee of Largo Corporation. In 2018 Melissa’s salary was $120,000 and she earned a bonus of $24,000.
a. How much in Social Security and Medicare taxes must be paid by Largo Corporation and how much of these taxes can it deduct?
b. How much Social Security and Medicare taxes are paid by Melissa?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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