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Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to
Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations:
If required, round your answers to the nearest cent.
Cumul. Pay Before Current Weekly Payroll | Current Gross Pay | Year-to-Date Earnings | Soc. Sec. Maximum | Amount Over Max. Soc. Sec. | Amount Subject to Soc. Sec. | Soc. Sec. Tax Withheld | Medicare Tax Withheld |
---|---|---|---|---|---|---|---|
$ 22,400 | $1,620 | $fill in the blank 1 | $128,400 | $fill in the blank 2 | $fill in the blank 3 | $fill in the blank 4 | $fill in the blank 5 |
54,200 | 4,260 | fill in the blank 6 | 128,400 | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 | fill in the blank 10 |
128,000 | 4,180 | fill in the blank 11 | 128,400 | fill in the blank 12 | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 |
127,900 | 4,620 | fill in the blank 16 | 128,400 | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 |
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