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Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax
Calculating Social Security and Medicare Taxes 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. Catculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent Cumul. Pay Amount Amount Before Current Current Year-to-Date Weekly Payroll Gross Pay Earnings Soc. Sec. withheld 51.280 $129,400 52,600 128.400 Medicare Tax Over Max Soc. Sec. Maximum Subject to Soc. Sec. Soc. Sec. Tax withheld $ 30,400 2,700 126,700 3,480 128,400 125.000 2,900 128.400
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