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. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tax Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Withheld Withheld $ 21,300 $1,760 $128,400 Amount Soc. Sec. 53,500 4,300 128,400 126,400 3,930 128,400 127,200 4,520 128,400