Calculate the Social Security for the following employee, Joa, whose cumulative earnings up to this pay period are 50 and gross pay for the pay period is $650,000. Round to the nearest penny, do not include the $ sign Summary of taxes and wage bases 2020 Tax Rate and Wage Base Federal Wage ER or State EE Limit Tax Max Max Tax ER Tax EE Social security Federal 6.2% 046.2% $137,700 Medicare SEE BELOW SEE TABLES Federal Income Tax State Income | NOT APPLICABLE TO WA STATE FUTA Federal 0.6% 0% $7,000 $0 SUTA State 0.99% 0% (estimated) $52,700 $0 Employer Tax Rate Medicare Employee Medicare Wages Employee Tax Rate Wages equal to or less 1.45% than $200,000 Wages greater than 2.35% $200,000 1.45% 1.45%